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Billionaire Howard Marks Regrets His Dismissive Comments on Bitcoin

Billionaire US investors and writer Howard Marks is among the latest prominent individuals to warm up to bitcoin. In a recent interview, he regretted calling the cryptocurrency “unfounded fad” by saying that his comments were a “knee-jerk reaction without information.”
Marks Changes his Tune on BTC
Being a relatively new invention aiming to revolutionize the stagnant traditional financial industry, bitcoin was the subject of numerous attacks, neglections, or mere dismissals.
However, its perseverance changed the mind of quite a few former skeptics, including CNBC’s Jim Cramer and MicroStrategy’s Michael Saylor.
The latest to join this growing trend seems to be co-founder and co-chairman of Oaktree Capital Management – Howard Marks. The 74-year-old billionaire said in a July 2017 letter to investors that “digital currencies are nothing but an unfounded fad.”
“Maybe I’m just a dinosaur, too technologically backward to appreciate the greatness of digital currency. But, it is my firm view that the ability of these things to gain acceptance is just one more proof of the prevalence today of financial naiveté, willing risk-taking, and wishful thinking.” – he added.
Now, though, Marks seems to be significantly more open-minded on bitcoin. In a recent interview with Korea Economic Daily, he admitted that his “initial response was a knee-jerk reaction without information, and that’s not a good way to behave.”
Howard Marks. Source: BusinessInsiderI Know How Much I Don’t Know; Marks
The billionaire further explained that he had learned his lesson to avert commenting on topics he’s not …
Story continues on Crypto Potato

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