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Billionaire Howard Marks admits to holding a large volume of bitcoins

Howard Marks, an American investor and co-founder of Oaktree Capital Management, said his family owns “a substantial amount” of bitcoins.

In a letter to investors, he writes:

“In 2017, I showed high levels of skepticism about cryptocurrencies. These views have become a topic for long discussions with my son Andrew, who is quite positive about Bitcoin and, fortunately, holds a significant amount for our family. “

Marx acknowledges that approaches to pattern recognition in speculative markets may not always work with financial innovation, but has saved him many times in the past.

“While the story is far from over, at least I can admit that my skeptical views have not been substantiated by now,” he added. – The nature of innovation is such that in the beginning, few believe in something that seems absurd compared to the established state of affairs. In a world where so much innovation is happening at such a high rate, the skeptic mentality must be combined with a deep curiosity, openness to new ideas and a willingness to learn before forming an opinion. “

Marks has really changed his attitude towards bitcoin noticeably in recent years. In 2018, he appeared on CNBC, where he refused to recognize cryptocurrency as an investment, while at the same time claiming that in the long term it would show its insolvency.

“They buy it not because of certain internal qualities, but only because they expect a rise in its rate. As a child, we called it the theory of the greater fool, ”he said then.

Marks ranked 391 on the Forbes 400 for 2020 with $ 2.1 billion in capital. His Oaktree Capital Management is the world’s largest distressed securities investor and manages $ 140 billion in capital.

Marx enjoys a high reputation in the investment community, including through letters, one of which is quoted above. Warren Buffett, who speaks unflatteringly about Bitcoin, said:

“When I see a note from Howard Marks in the mail, the first thing I do is open it and read it. I always learn something. “

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