Bitcoin has gotten a lot of fanfare lately, but not from Howard Marks, a legendary value investor on Wall Street. <\/p>\n
Marks told CNBC's \"Halftime Report\" on Thursday that's because he doesn't understand what is the actual value of bitcoin. <\/p>\n
\"It's not a medium of exchange, it's a medium of trading, so I can't see any intrinsic value,\" Marks said. \"I don't understand what's behind bitcoin.\" <\/p>\n
\"For me, there is only one kind of investing: When you look at something, you don't think, 'Is it going up or down tomorrow?' ... You say, 'What is the intrinsic value?' and then you say, 'Can I buy it for less?'\" Marks added. \"There is no intrinsic value in bitcoin.\" <\/p>\n
Bitcoin has surged nearly 250 percent this year alone, prompting many to hop on the cryptocurrency's bandwagon. <\/p>\n
Bitcoin in 2017 <\/p>\n<\/p>\n
Source: Coindesk.com. <\/p>\n
Fundstrat co-founder Tom Lee told CNBC's \"Fast Money\" on Wednesday he thinks the cryptocurrency will be the best-performing asset class through year-end. Investing legend Bill Miller reportedly owns bitcoin, and Josh Brown, CEO of Ritholtz Wealth Management, said last month he used Coinbase to buy bitcoin. <\/p>\n
\"Maybe I'm just too old and too much of a dinosaur to understand bitcoin,\" Marks said jokingly. <\/p>\n
The co-chairman of Oaktree Capital is widely known for his investment memos, which predicted the financial crisis and the dot-com bubble implosion. <\/p>\n
In a memo last month Marks compared cryptocurrencies with the Tulip mania of 1637, the South Sea bubble of 1720 and the internet bubble of 1999. <\/p>\n
With reporting by Tae Kim. <\/p>\n
Disclosure: Josh Brown is a CNBC contributor. <\/p>\n
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See more here: Bitcoin has gotten a lot of fanfare lately, but not from Howard Marks, a legendary value investor on Wall Street. Marks told CNBC's \"Halftime Report\" on Thursday that's because he doesn't understand what is the actual value of bitcoin. \"It's not a medium of exchange, it's a medium of trading, so I can't see any intrinsic value,\" Marks said Continue reading
\nHoward Marks, who has called past market bubbles, says 'I don't understand what's behind bitcoin' - CNBC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"