Howard Mark Criticizes Bitcoin and is Not an Investment
Howard Mark, the co-founder of Oaktree Capital and billionaire investor has said that Bitcoin does not qualify as an investment and lacks any substance during a CNBC conference. This is also one in many occasions in which he has down spoken Bitcoin.
Recently, the billionaire investor stated that many are excited to explore cryptocurrencies for profit and others are investing small amounts in crypto and businesses simply to avoid missing out on an opportunity, a notion he backs completely by said that Bitcoin and altcoins are not actual investments.
During his speech at CNBC’s conference, Howard said that cryptocurrencies will eventually be revealed to lack any sort of substance and he believes that anyone investing in them is actually just trading their own money for a worthless venture.
According to him, cryptocurrency investors are banking on a chance to make a higher profit through any potential buyers. He states that the investments are foolish and pointless and will only keep feeding interest in digital coins as it goes on. He regards a purchase made in order to resell at a higher price as anything but an investment. Adding to his statement, Mark believes that many are spending their own money to purchase coins just because of the upward trend as opposed to any actual value.
Mark Howard is not the only investor to believe and state such things. Chief executive officer and another leading billionaire in the industry, Warren Buffet of Berkshire Hathaway has also expressed his lack of faith in Bitcoin and any related investment.
Earlier in 2018, Warren Buffet and Charlie Munger have both notoriously criticized cryptocurrencies, referring to them as wasteful, useless and even “rat poison” on one occasion. Many others like Jamie Dimon of JPMorgan have continued to warn investors and advise caution in relations to Bitcoin.
Despite the negative attitude and outlook on cryptocurrencies by some of the most established and leading figures in the financial industry, investors have not shown any withdrawal from the cryptocurrency investment sector. The recent spike of Bitcoin’s price is just another added factor for many hopeful investors.