Categories: Ripple

Bitcoin Will Prove It Never Had Any Substance, Claims Billionaire Skeptic Howard Marks

Click here to view original web page at

Billionaire Howard Marks, the co-founder of Oaktree Capital Management, said bitcoin will eventually fizzle out and prove once and for all that it never had any substance.

Marks, whose net worth tops $1.9 billion, made the scathing remarks at the 2018 Delivering Alpha conference in New York on July 18. The annual hedge fund summit is jointly presented by CNBC and Institutional Investor.

Marks said bitcoin is not a worthwhile long-term investment vehicle, but merely a short-term trading opportunity.

“[Bitcoin is] not an investment…it’s a trade,” Marks told CNBC. “In the long run, I think it will be shown not to have any substance.”

Bitcoin is a ‘Greater Fool Theory’ Investment: Marks

Marks said people who are buying bitcoin do so only because they want to turn a quick profit by selling off their holdings to a “greater fool” than themselves.

“This is what we called, when I was a kid, the ‘greater fool theory,'” he said.

As bitcoin makes its latest attempt to break from the bear market, billionaire investor Howard Marks joins the list of Wall Street skeptics.

“They think someone will buy it from them at a higher price,” Marks said. “Not because they can specify its intrinsic benefits. Not because they can judge the intrinsic value. But only because they think it’s going up.”

Howard Marks’ sentiments echoed those of billionaire Bill Gates, another notorious bitcoin skeptic. As CCN previously reported, Gates said bitcoin has no inherent value and ultimately will implode along with the rest of the cryptocurrency market.

“As an asset class, you’re not producing anything, so you shouldn’t expect it to go up,” Gates said. “It’s kind of a pure ‘greater fool theory’ type of investment.”

According to Forbes, Marks’ Oaktree Capital has $121 billion in assets under management, and its average investor has a net worth of $2 billion. Those are some huge financial whales that Marks and his investment firm are advising to steer clear of the crypto industry.

Tech Billionaires: Bitcoin Is the Future

Bitcoin has recently rallied after plunging below $6,000 for the past few months. The summer slump was unexpected, as many market observers had expected cryptocurrency prices to surge.

Despite the increasing drumbeat of cryptocurrency naysayers, today’s new crop of tech billionaires has no doubt that bitcoin is the undisputed wave of the future.

“I’m convinced 100 percent that crypto is the future,” Binance founder Changpeng Zhao told Bloomberg. “I just know it will happen. Zhao, whose net worth tops $1.3 billion, was recently featured on cover of Forbes magazine’s first-ever crypto rich list.

Meet the technopreneur who built the world’s largest cryptocurrency exchange and made billions in just less than a year. Changpeng Zhao is the founder of Binance, a crypto exchange startup that only started nine months ago and is already making more money than Deutsche Bank in quarterly profits, a feat that no other companies in the world has ever achieved in recorded history. Riding the cryptocurrency and blockchain technology wave, Zhao’s firm is able to make $200 million in profit in Q1 2018 with just 200 employees. In contrast, 148-year-old Deutsche Bank has 100,000 employees and has only made $146 million in the same period. It sure is a great time to be in the cryptocurrency business. #geekturf #brunei #binance #technopreneur #cryptocurrency #finance #blockchain #blockchaintechnology #bitcoin #ethereum #ripple #litecoin #changpengzhao #bitcoincash #bitcoingold

Similarly, the Winklevoss twins Tyler and Cameron (estimated net worth: $900 million to $1.1 billion) say bitcoin skeptics who flippantly dismiss cryptocurrencies suffer from an epic “failure of imagination.”

“I’m not sure we’d even sell [when bitcoin price tops $380,950],” said Tyler Winklevoss. “Bitcoin is more than gold. It’s a programmable store of money.”

Featured image from Youtube/Bloomberg.

Follow us on Telegram or subscribe to our newsletter here.

Join CCN's crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.

Marks, whose […]


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Bitcoin Is the Fraud? JPMorgan Metals Desk Fixed Gold Prices for Years

Risk Disclaimer - By using this web site you agree to its terms and conditions. All materials, including but not… Read More

1 hour ago

Thai Crypto Scene Still Reeling From Top Exchange Bailout

Thailand’s vibrant digital asset scene was shaken earlier this month when its most popular exchange unexpectedly announced an imminent closure.… Read More

1 hour ago

A Blockchain-Enabled SIM Card? How This Could Change Our Mobile Experience As We Know It

Distributed, Decentralized, Disintermediating While still in its infancy with regards to proven capabilities and real-life adoption, blockchain technology remains one… Read More

1 hour ago

Blockchain privacy explained

Blockchain does not require user identification in the same way as other technologies. Unlike the Internet, where users are tracked… Read More

1 hour ago

Bitcoin mining hurts our climate

Transcript You can enable subtitles (captions) in the video playerBitcoins hold the potential to revolutionise our economy in so many… Read More

1 hour ago

Chocolate Not Drugs the Future of Bitcoin Commerce

- Tim Tams sold for BTC on Online Blockchain's new crypto marketplace site - LONDON, Sept. 17, 2019 /PRNewswire/ --… Read More

1 hour ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More