Howard Marks Warms Up to Bitcoin; His Son Holds A ‘Meaningful Amount’ of BTC For The Family

2021-1-15 00:38

Billionaire investor Howard Marks in his memo to investors shared some warming views on Bitcoin and cryptocurrencies as he revealed that his son Andrew “owns a meaningful amount (of BTC) for our family.”

With the younger generation long on Bitcoin, Mark’s “high level of skepticism” is now turning to neutral.

The value investor who manages $140 billion assets has previously called Bitcoin a “pyramid scheme” and compared it to Tulip mania and the internet bubble.

But in his latest investor letter, Marks talks about skepticism being the natural state of the value investor —

“Our default reaction is to be deeply dubious when we hear “this time it’s different.”

But with so much innovation happening at such a rapid pace, Marks says this skeptic mindset should be paired with “openness to new ideas, and willingness to learn before forming a view.” Marks admits that when it comes to cryptos,

“I probably allowed my pattern recognition around financial innovation and speculative market behavior – along with my natural conservatism – to produce my skeptical position.”

As such, he isn’t forming a firm view on digital assets until he is informed enough and he is “striving to learn” about it.

Bitcoin/USD BTCUSD 39,192.5632 $1,979.22 5.05% Volume 63.58 b Change $1,979.22 Open$39,192.5632 Circulating 18.6 m Market Cap 729 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BTC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD"); The post Howard Marks Warms Up to Bitcoin; His Son Holds A ‘Meaningful Amount’ of BTC For The Family first appeared on BitcoinExchangeGuide.

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