• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
Howard Marks Admits ‘Mistake’, Changes Stance on Bitcoin

Howard Marks Admits ‘Mistake’, Changes Stance on Bitcoin

Karan Kapoor
by Karan Kapoor
8 years ago
·
Posted in News, Bitcoin Investment, Markets and Prices, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

After previously slamming Bitcoin and other digital currencies as “not real”, “fad”, and “a pyramid scheme”, billionaire traditional investor Howard Marks made a spectacular U-turn on his views on the new financial technology in his latest memo to Oaktree Clients.


Howard Marks’ 180 Degree Turn

In his July memo, Howard Marks explored the world of cryptocurrencies and leveled heavy criticism at them. However, after receiving significant backlash from various media outlets for his ‘dinosaur’ views and lack of understanding of the new financial technology, Marks decided to revisit the topic to get ‘enlightened’ and ‘educated’ on the subject. In his new September memo, he claims that Bitcoin partisans encouraged him to think of Bitcoin as a currency – a medium of exchange – rather than as an investment asset.

The billionaire investor acknowledged his ‘mistake’ as he had been looking at Bitcoin the wrong way, and humbly conceded that much of the arguments he made against the cryptocurrency were applicable to the dollar as well. Marks subsequently made the case for qualifying Bitcoin as a currency and concluded that although he sees no reason why Bitcoin can’t serve as a currency and “become an accepted medium of exchange”, he warned against getting caught up in the hype and buying it with the sole view of making money off it.

1/ Marks received more feedback from his July #bitcoin memo than any other memo he published over the last 28 yrs. https://t.co/0XgWenlWYt

— Chris Burniske (@cburniske) September 10, 2017

Warning Signs

Bitcoin’s volatility, which has seen it rise over 350% in 2017 alone, concerned Marks, who was quick to point out that the lack of an upper ceiling for Bitcoin which sees limitless appreciation fails to make sense to him. He asks, “Would you sell your house for euros that are said to be worth two or three times as much as the dollar?”

Although this represents a risk averse and extremely conservative outlook, it does provoke thoughts pertaining to long term stability of currencies. Marks also shares his other major concern, that the low barriers to entry give rise to many competing transaction systems. Would Bitcoin’s utility as a payment mechanism be hampered if Amazon announced its own? He asks, “Would you rather transact in Bitcoin or Amazonians?”

#VNZ shouldn't turn to #Bitcoin– it's ineffective &too volatile. Instead, adopt #currencyboard or #dollarize. https://t.co/3H0cEGg04u

— Steve Hanke (@steve_hanke) September 6, 2017

The Bottom Line on Bitcoin

In the new memo, Marks makes it clear that he advocates for Bitcoin as a currency and warns against “lottery-ticket thinking”, which seduces people towards the cryptocurrency as it offers the possibility of vast wealth. Although some elements or “seeds for a boom” that contributed to past historical economic bubbles are evident in Bitcoin’s surge, Marks emphatically makes it known that none of them make Bitcoin a ‘mistake’. He also mentions that with the existence of tons of cryptocurrencies and the possibility of endless more, the winner will be hard to call.

As evidenced by the hundreds of e-commerce start ups during the tech bubble, most of which ended up worthless, putting all your eggs in one basket might not be the wisest thing to do. Although Marks said that he still considers it a speculative bubble and therefore still doesn’t “feel like putting my money into it”, he also said that he was “willing to be proved wrong.” For such a juggernaut in the field of traditional financial investing, this is as close as anyone can get to singing the praises of the very technology that might be the cause of their own downfall.

Howard Marks is coming around on bitcoin, but says "I still don’t feel like putting my money into it." https://t.co/KXgoYyNmDx pic.twitter.com/syZsne7RD7

— Bloomberg (@business) September 8, 2017

What do you think of Howard Marks’ new memo and shift in position on Bitcoin? Do you agree with his bottom line? How would you respond to his apprehensions? Let us know in the comments below.


Images courtesy of Christopher Goodney/Bloomberg

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Karan Kapoor

Karan Kapoor

Follow

Full Profile

Related Posts

Dogecoin’s Corporate Arm Merges With Brag House for 2026 Nasdaq Listing

House of Doge ควบรวม Brag House เตรียมเข้าตลาด Nasdaq ปี 2026

1 hour ago
Gemini’s $300 Solana Price Prediction Sparks Interest in Snorter Token ($SNORT).

Gemini’s $300 Solana Price Prediction Sparks Interest in Snorter Token ($SNORT)

2 hours ago
bitcoin-price-volatility-live-update-october-14-2025-tw

比特幣即時新聞:短期波動加劇動態更新(10月14日)

14 hours ago
Cena Bitcoinu po prepade o 20 000 $ opäť rastie. Aká je predikcia do konca roka 2025?

Cena Bitcoinu po prepade o 20 000 $ opäť rastie. Aká je predikcia do konca roka 2025?

1 day ago
Обвал крипторынка

Крипторынок умер? Что произошло в выходные

1 day ago
Dywidenda MicroStrategy 140 mln USD

Dywidenda MicroStrategy. Spółka wypłaciła inwestorom 140 mln USD!

3 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • Altseason Buzz Grows as Tapzi Presale Crosses a Major Milestone – Is This the Best Crypto Presale to Invest in?

    Altseason Buzz Grows as Tapzi Presale Crosses a Major...

    8 hours ago
  • XRP Price Prediction 2025: Analysts Predict $5 to $12...

    8 hours ago
  • Best Crypto to Buy: Michael Saylor Unveils Bitcoin Risks as Tapzi, Arbitrum Eye Major Upside.

    Best Crypto to Buy: Michael Saylor Unveils Bitcoin Risks as...

    9 hours ago
  • ตัวการ์ตูน Snorter ขนสีน้ำตาลทำหน้าทะเล้นพื้นหลังสีฟ้า

    เหลืออีก 7 วัน! Snorter Bot Token...

    10 hours ago
  • Bitcoin Hyper ระดมทุนพุ่ง 23...

    1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.