Howard Marks, co-founder of Oaktree Capital Management and one of the most powerful traders on Wall Street, throws doubt on Bitcoin’s value and even gold to send investors after high yield bond funds.
In a recent Merryn Talks Money podcast, Marks recognizes that gold has historical stability but remains unconvinced of its core justification, while the case of Bitcoin still lacks proof.
He discovers that there is a change in the investment landscape as the zero-rate interest period fades. This, he argues, requires transitioning into safer alternatives such as high-yield bonds since they provide attractive rates on account of their fixed income characteristics.
In particular, gold ETFs may be a right fit for stability-seekers than Bitcoin ETFs which remain nascent and very volatile due to underlying regulatory changes or events inside the Bitcoin Sphere. Gold ETFs continued to grow in 2023, but the Bitcoin ETF was a riskier option.
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