Oaktree Capital founder Howard Marks has bitcoin on his mind. Marks, who called bitcoin, the digital coin up over 350% this year, a "fad" in a July memo, has warmed up to it after receiving backlash from the cryptocurrency community.
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HOWARD MARKS: 'I see no reason why bitcoin can’t be a currency'
Howard Marks shifts his stance on bitcoin.
Marks revisited his thoughts on the digital coin in a wide-ranging memo sent out to clients on Thursday. The long and short of the note: Marks has changed his mind, but he still has reservations.
Marks concedes he might have been too quick to dismiss the idea that bitcoin can be considered a currency akin to the US dollar.
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After exploring the key characteristics of a currency, Marks concedes that bitcoin does, in fact, share characteristics of money. Specifically, its use as a form of legal tender and a store of value.
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