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My first reaction was an uninformed knee-jerk reaction, which is not a good way to behave. So 3-4 years ago I was willing to comment; now I’ve found out what I don’t know … you shouldn’t talk about things you don’t know about. ‘
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That’s Howard Marks, telling the Korea Economic Daily, in a video interview posted Tuesday, that he wishes he hadn’t been so quick to put bitcoin off in 2017, when he described cryptocurrencies as “Without foundation. ”
So what have Marks learned? The investor said he initially discarded bitcoin due to lack of intrinsic value. “But there are a lot of things that people want and value that have no sexual value,” he said.
But Marks, the billionaire co-founder and co-chair of other asset manager Oaktree Capital Management, did not fully believe that bitcoin backers had closed the case for the larger, digital assets.
One of the issues for bitcoin is because its supply is limited by the limit on the number of coins that can eventually be issued and demand is increasing as more people Raising interest, prices should rise, but that rationale looks a bit “round,” Marks said.
Are there any independent reasons to keep bitcoin? The argument is that it can be used 24 hours a day, 7 days a week; his secrecy; and other factors, he said.
“There are all these arguments about why people want it … But is that reason enough? That’s the question, ”he said.
Tokens acknowledged that BTCUSD bitcoin,
it was trading around $ 5,000 when it first phased out digital currency in 2017. It is now changing hands north at $ 55,000, after setting a high over the weekend to countryside of $ 60,000.
“I was sad in 2017 and I can’t say I’ve been proven right yet … The people who bought it at $ 5,000 – so far they look right,” Marks said.