Controversial Billionaire Howard Marks Gives Thumps up for Bitcoin As Currency

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Controversial Billionaire who once called Bitcoin a Pyramid Scheme, seems to be having a rethink after passing comments “Bitcoin fans argue that it qualifies as a currency under these criteria: most importantly, it’s something that parties can agree to accept as legal tender and a store of value. That actually seems right.”

“There has been particularly spirited response to my comments on digital currencies,” Marks wrote in an investor letter Thursday. “I think I understand what a digital currency is, how bitcoin works, and some of the arguments for it. But I still don’t feel like putting my money into it, because I consider it a speculative bubble.”

Though his comments doesn’t really mean he has embraced the Cryptocurrency, but it seems clearly he has series of discussions with pundits and friends.

The Billionaire who’s firm Oaktree Capital had $99 billion of assets under management as of June 2017, was also quoted as saying “What bitcoin partisans have told me subsequently is that bitcoin should be thought of as a currency – a medium of exchange – not an investment asset,” he wrote. “Bitcoin fans argue that it qualifies as a currency … it’s something that parties can agree to accept as legal tender and a store of value. That actually seems right.”

 

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