Chairman of Oaktree Capital, Howard Marks has praised Bitcoin for its success in the financial market, highlighting its worth to be comparable to that of Gold.
During the ‘We Study Billionaires” Podcast, Howard Marks talked about the situation of Bitcoin in the current financial market. In the past, Howard was very aggressive towards the use of Bitcoin back in 2017, but now it seems that the success and popularity of Bitcoin has managed to bring a change into the billionaire’s mindset. In 2017, Howard Marks said that Bitcoin had very less value and comparing it to gold at that time, he said that Bitcoin’s limited supply, volatility and other disadvantages don’t make it worthy to be banked.
Howard Marks now states that he has now realized the importance of the digital asset and now understands why Bitcoin is being favoured in many financial clashes and also mentioned many factors that make Bitcoin a worthy competitor to Gold. Howard said that many people have called Bitcoin ‘Digital Gold’ because it somehow has the ability to fight inflation and other forms of the financial crisis.
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Howard continued by mentioning the advantages, saying that there is no payment involved in the deposit of Bitcoin, which makes it very easy to transfer, because of the digital ecosystems it works on and one of the biggest advantages is that it can be spent directly, without having the need to be converted into traditional currency, which cannot be done with Gold.
This change of mindset clearly indicates that Bitcoin’s progress is moving it towards the goal of becoming a mainstream payment alternative and also to outvalue Gold. Howard Marks highlighted that Bitcoin has already been utilized as a legal payment alternative in a few places around the world, such as El Salvador. In addition to that, Howard presented a few conditions that would make Bitcoin attractive to some individuals including people who are not able to access banks and those who are not trusting the government and the respective traditional currency.
The Learning Curve
After a few more favourable statements regarding Bitcoin, Howard said that there is still a lot to learn about Bitcoin and the future will soon tell us whether the asset is worthy of becoming legal across the world or not. The level of progress that Bitcoin tells us that it is not something that can ever be ignored.