According to Bloomberg’s report, Howard Marks, co-founder of global asset management company Oaktree Capital Management, stated on the Bloomberg Podcast “Merryn Talks Money” that the value of Bitcoin, like gold, depends solely on the price people are willing to pay for it.
When faced with the choice between Bitcoin and gold, Marks believes there is not much difference between the two. In his view, both Bitcoin and gold lack intrinsic value.
Marks, interviewed, mentioned:
Oaktree Capital was founded in 1995 and is known for investing in distressed debt, currently managing around $180 billion in assets.
Marks believes that there has been a “sea change” in the investment environment, and we will not return to a world of zero interest rates in the foreseeable future. Therefore, he thinks investors should invest in high-yield bond funds rather than Bitcoin or gold. Marks stated:
Image source: Bloomberg