Oaktree Capital's Howard Marks has change of heart on bitcoin, says 'demand is growing'

Billionaire Howard Stanley Marks has had a change of heart on bitcoin, according to a new interview with the Korea Economic Daily.

The Oaktree Capital co-founder said he was "very dismissive" in 2017, but growing demand has shifted his perspective.

Marks originally dismissed bitcoin as having no intrinsic value, but that's less of a hang-up now, he argued.


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"But there are a lot of things that people want and value highly which have no intrinsic value. The supply is fixed by the software ... so it can’t expand much, unlike the dollar which can be printed in infinite amounts. And the demand is growing because more people are interested in it," Marks was quoted as saying.

However, he remained skeptical of the crazed demand surrounding Tesla. 

"Tesla is a great example of a company where nobody knows anything about the future," he said in the interview.

Tesla recently added bitcoin to its balance sheet

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Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.