According to Bloomberg, Howard Marks, co-founder of global asset management firm Oaktree Capital Management, said in a Bloomberg Podcast called “Merryn Talks Money” that the value of Bitcoin, just like gold, depends solely on the price people are willing to pay for it.
When it comes to choosing between Bitcoin and gold, Marks believes there isn’t much of a difference between the two. In his view, both Bitcoin and gold lack intrinsic value.
During the interview, Marks mentioned that Oaktree Capital was founded in 1995 and is well-known for investing in distressed debt. The firm currently manages around $180 billion in assets.
Marks believes that there has been a “sea change” in the investment environment and that we will not return to a world of zero interest rates in the foreseeable future. Therefore, he suggests that investors should consider investing in high-yield bond funds instead of Bitcoin or gold. Marks stated:
Image source: Bloomberg
