This billionaire made his fortune betting against bankrupt countries… Now he is looking at Bitcoin with curiosity!

To be or not to be crypto-enthusiastic? – Even billionaires who have long been very skeptical about Bitcoin (BTC) and cryptocurrencies can’t help but think about it regularly. This is the case of Howard Marks who, despite his doubts about the cryptosphere and its valuation, wishes to remain open and listening on the subject.

His reason for being skeptical about the value of things

Wealthy investor Howard Stanley Marks is the founder and co-chair of the Oaktree Capital Management fund . This is an asset management company specializing in alternative investment strategies in the discounted debt ( distressed securities ) of companies or government entities in default or bankruptcy. His personal fortune is estimated at $ 2.1 billion .

In the last of these „memos“ on the economy, this investment genius explains that if he remains skeptical about Bitcoin and cryptos , it is not by blindness, but in part by the legacy of the vision of finance of his parents. They lived through the Great Depression that began in 1929:

“(…) As a child of parents born in the early 1900s, who were therefore adults during the Great Depression, my thought process was marked by the deprivation and fear they had experienced. Because they were painfully aware of the [changing] value of a dollar, and how quickly things could change for the worse (…) Sayings like “don’t put all your eggs in one basket ”And“ save for rainy days ”were the watchwords I grew up with. „

Bitcoin: the father wonders, the son invests

With these rules of parental financial prudence , we better understand the passionate debates of the billionaire with his son, Andrew Marks , on the value of cryptocurrencies. The latter, who is at the head of their family investment company ( Freemark Partners ), has indeed bought a good amount of bitcoins on behalf of the Marks family.

“In 2017, my memo (…) included a section on cryptocurrencies in which I expressed great skepticism. This point of view has been a source of much discussion for me and Andrew, who is very bullish on Bitcoin and several other [cryptos] and luckily owns a significant amount of it for our family. “

As Howard Marks puts it in all modesty, he believes that he is not „sufficiently informed“ to form a firm opinion on cryptocurrencies, and that, in a desire „to be open-minded“ , he tries to learn. on the subject.