Oaktree Capital Chairman Gets Warmer for Crypto—Son Said To Owns Sufficient Bitcoin for the Household

The co-founder of Oaktree Capital, Howard Marks, is warming up to cryptocurrencies. Once a crypto-sceptic, he says “thankfully” his son is “very positive about bitcoin” and “owns a meaningful amount for our family.”

Howard Marks Warming up to Crypto

Howard Marks, co-founder and co-chairman of Oaktree Capital Management, spoke about bitcoin in a memo released this week. He explored investing strategy with his partner, Andrew, a skilled investor who focuses on development and technology companies.

In one part of the memo, Marks acknowledged that he had “a high level of scepticism” regarding cryptocurrencies. The co-founder of Oaktree Capital Management noted:

This view has been a source 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.

“In the case of cryptocurrencies, I probably allowed my pattern recognition around financial innovation and speculative market behavior – along with my natural conservatism – to produce my skeptical position,” he explained. “These things have kept Oaktree and me out of trouble many times, but they probably don’t help me think through innovation.”

 

Marks maintained: “I’ve concluded (with Andrew’s help) that I’m not yet informed enough to form a firm view on cryptocurrencies. In the spirit of open-mindedness, I’m striving to learn.” He goes on to direct any questions and comments about cryptocurrency and bitcoin to his son.

The executive of Oaktree Capital is not the only one who has lately softened his opinion of bitcoin. Earlier this month, economist David Rosenberg pled “bitcoin ignorance,” acknowledging that cryptocurrencies met his hopes. In November, Bridgewater Associates founder Ray Dalio acknowledged that he may be mistaken about bitcoin and has since developed a greater understanding of cryptocurrencies.

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