Billionaire Investor Howard Marks Highlights Bitcoin Qualities

In a recent episode of the “We Study Billionaires” podcast, Oaktree’s Howard Marks shared his thoughts on Bitcoin, which have drastically changed since he was outspokenly negative about it in 2017. The billionaire investor said that he can now understand many arguments in favor of Bitcoin, including its similarities and advantages compared to gold.

“There’s a big argument that [bitcoin is] digital gold, that it has some of the qualities of gold in the sense of being inflation-resistant, and maybe crisis-resistant. But relative to gold, it has advantages,” Marks said. “You don’t have to pay to store it, it’s not challenging to send it someplace or move it around, and you can spend it  which you can’t do with gold.”

Marks said that in 2017 when he said Bitcoin had no intrinsic value, he wasn’t aware of the many arguments in favor of it. Besides the gold comparison, during the episode, he mentioned Bitcoin’s staying power, limited supply, and empowerment brought to the unbanked.

To have prominent investors like Howard Marks already see Bitcoin embodying the store of value property of money after only a little over ten years since its creation is quite significant. At the bare minimum, it means the currency is progressing through its monetization path as expected and becoming recognized as superior to gold  historically the most sought-after good to store value.

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