Bitcoin’s price at $34,000 may have attracted a new convert after billionaire investor Howard Marks acknowledged that he needed to amend his “skeptical view.”

In the billionaire’s investor memo on Jan. 11, the co-chairman and co-creator of the $140 billion Oaktree Capital Group, Marks, observed that while he was disapproving of the crypto during its 2017 bull run, his son had “thankfully” acquired some.

Marks on crypto: Do you own research

The memo cites:” Back in 2017, my memo ‘There They Go Again… Again’ included a section on cryptocurrencies in which I stated a high level of skepticism. This view has been a subject of much discussion for me and Andrew, who is quite positive on Bitcoin and several others and thankfully owns a meaningful amount for our family.”

“While the story is far from fully written, the least I can say is that my skeptical view has not borne out to date.”

The last few months have seen a change in Bitcoin’s merits. Cointelegraph reported numbers from banks to investors have put to the test their bearish predictions on the crypto with some even promising to reveal their portfolios to include it.

Marks did not pledge like the rest but acknowledged the need to examine the crypto and analyze its potential. He noted,

“The nature of innovation generally is such that, in the beginning, only a few believe in something that seems absurd when compared to the deeply entrenched status quo.”

“When innovations work, it’s only later that what first seemed crazy becomes consensus. Without attaining real knowledge of what’s going on and attempting to fully understand the positive case, it’s impossible to have a sufficiently informed view to warrant the dismissiveness that many of us exhibit in the face of innovation.”

Is Warren Buffett next in line?

Given his former reputation as a steadfast Bitcoin detractor, Marks reactions were nonetheless more than commendable.

Preston Pysh of The Investor’s Podcast Network tweeted in response to the memo stating, “Really awesome to see billionaire Howard Marks talking so favorably about #Bitcoin!” Another investment guru Lyn Alden even proposed that Mark’s change of perception would convince stalwart critic Warren Buffett to crypto.

The year hence leaves BTC’s remaining outspoken non-believers in a fast decreasing minority. Among them is gold investor Peter Schiff, who outrightly dismissed Bitcoin, continues to spark outrage on social media and beyond.

He stated on Monday “Very few institutional investors are buying #Bitcoin.”

“It just that those few that are buying are extremely vocal about their positions. They need to convince others to buy to push up the price so they can sell. The financial media also gives them a platform to talk about their books.”

Tyler Winklevoss, the co-creator of exchange Gemini, later called Schiff’s words “completely false.”

Source:https://cointelegraph.com/news/thankfully-my-son-owns-bitcoin-says-140b-asset-management-ceo