Howard Marks Warms Up to Bitcoin; His Son Holds A ‘Meaningful Amount’ of BTC For The Family

Billionaire investor Howard Marks in his memo to investors shared some warming views on Bitcoin and cryptocurrencies as he revealed that his son Andrew “owns a meaningful amount (of BTC) for our family.”

With the younger generation long on Bitcoin, Mark’s “high level of skepticism” is now turning to neutral.

The value investor who manages $140 billion assets has previously called Bitcoin a “pyramid scheme” and compared it to Tulip mania and the internet bubble.

But in his latest investor letter, Marks talks about skepticism being the natural state of the value investor —

“Our default reaction is to be deeply dubious when we hear “this time it’s different.”

But with so much innovation happening at such a rapid pace, Marks says this skeptic mindset should be paired with “openness to new ideas, and willingness to learn before forming a view.” Marks admits that when it comes to cryptos,

“I probably allowed my pattern recognition around financial innovation and speculative market behavior – along with my natural conservatism – to produce my skeptical position.”

As such, he isn’t forming a firm view on digital assets until he is informed enough and he is “striving to learn” about it.

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