'Thankfully' my son owns Bitcoin, says $140B asset management CEO

'Thankfully' my son owns Bitcoin, says $140B asset management CEO


Bitcoin (BTC) at $34,000 may have gained a new convert after billionaire investor Howard Marks admitted that he needed to change his “skeptical view.”

In his latest investor memo dated Jan. 11, Marks, who is co-chairman and co-founder of the $140 billion Oaktree Capital Group, noted that while he was critical of Bitcoin during its 2017 bull run, his son had “thankfully” bought in. 

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“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,” the memo reads.

“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 past few months

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