- Former detractor Howard Marks now sees Bitcoin as a good investment asset.
- This time, Marks says that he is interested in Bitcoin.
- Howard Marks is a famed billionaire investor.
Billionaire investor Howard Marks is now showing interest in Bitcoin nowadays despite his negative suspicions before. Also, Marks now believes in Bitcoin’s potential compared to traditional banking systems.
Recently, in an interview with The Korea Economic Daily, Mark talked about various alternative investments for retail investors and Bitcoin. In their discussion, Mark said with confidence that holding Bitcoin is even better than the emerging-market currency.
Perhaps, no one can steal it from you, he added.
Furthermore, Marks talked about how institutional investors have “deemphasizing stocks and bonds” these days due to their low returns. In addition, Marks stated that assets like paintings, diamonds, and a bar of Gold have no intrinsic value but he wonders why people still value them.
Based on Bitcoin’s supply and demand, Marks further explained:
The supply is fixed by the software at 21.5 million Bitcoin, and there are already 19 million outstanding, so it can’t expand much, unlike the dollar which can be printed in infinite amounts, and the demand is growing because more people are interested in it.
Best of all, he said that Bitcoin is easy to trade, unlike banks that cannot process wire transfers when they are close. Moreover, Marks admits that his initial views about Bitcoin were just a “reaction without information” and admitted that it was not a good way to behave.
Previously, Mark dismissed Bitcoin when it first became well-known globally. He rejected Bitcoin and addressed it as an asset that has no intrinsic value.