Co-founder of the investment firm Oaktree Capital Group, Howard Marks, whose fortune is is estimated at $2.1 billion, called his negative stance toward cryptocurrencies a mistake.
In 2017, the billionaire advised to refrain from investing funds in any digital assets, as they are ‘not real’.
In the January 2021 investor memo, Marks questioned his previous stance. He said his view on Bitcoin changed after discussions with his son, who is positive about cryptocurrencies.
“My skeptical views did not bear out,” the billionaire wrote.
The co-founder’s family now holds a substantial amount of Bitcoin. He noted that the cryptocurrency had been bought previously by his son.
In Marks’s view, innovative investment instruments always evoke skepticism.
“When new assets appear, few believe in what seems absurd relative to the deeply entrenched status quo,” the billionaire said.
In November, Ray Dalio, founder of Bridgewater Associates—the world’s largest hedge fund—acknowledged that could have been wrong about Bitcoin.
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