Bitcoin (BTC) of $ 34,000, may have won a new convert after billionaire investor Howard Marks admitted he needed to change his “ skeptical vision. ”
In his last memo to investors January 11, Marks, who is co-chairman and co-founder of the $ 140 billion Oaktree Capital Group, noted that while he criticism of Bitcoin during the bull run in 2017, his son had “happily” bought himself.
Markers on crypto: do your own research
In 2017 my memo ‘There They Go Again … Again’ included a section on cryptocurrencies in which I expressed a high level of skepticism. This opinion has been a topic of much discussion for me and Andrew, who is quite positive about Bitcoin and several others and fortunately owns a meaningful amount for our family, ” the memo reads.
“While the story is far from being fully written, I can at least say that my skeptical opinion so far is wrong.”
The past few months have become notable for U-turns on Bitcoin’s earnings. Such as Cointelegraph reported, numbers from investors to banks have questioned their bearish forecasts for the cryptocurrency, with some even pledging to expose their wallets to include it.
Marks made no similar commitment, but accepted the need to at least research cryptocurrency and assess its potential.
“The nature of innovation in general is such that at first only a few believe in something that seems absurd compared to the deep-seated status quo,” he wrote.
“When innovations work, it is only later that what seemed crazy at first becomes consensus. Without getting real knowledge of what is going on and trying to fully understand the positive thing, it is impossible to have a sufficiently informed opinion. to justify the dismissive attitude that many of us display in the face of innovation. ”
Warren Buffett next?
The response to Marks has been more than favorable, however, given his previous reputation as a steadfast Bitcoin defamator.
“It’s really great to see billionaire Howard Marks talk so positively about #Bitcoin!” Preston Pysh from The Investor’s Podcast Network tweeted in response to the memo.
Thus, 2021 leaves Bitcoin’s remaining outspoken bears in a rapidly declining minority. Among them is gold beetle Peter Schiff, whose outright Bitcoin resignation continues to cause outrage on social media and beyond.
“Very few institutional investors buy #Bitcoin,” he says claimed on Monda.
“Only the few who buy are extraordinarily outspoken about their positions. They need to convince others to buy in order to drive up the price so they can sell. The financial media also provides a platform for them to talk about their books.”
Tyler Winklevoss, co-founder of exchange Gemini, later called Schiff’s words “completely incorrect”.