In his reply, he agreed with the value premise of cryptocurrency, saying “The dollar has value because people accord value to it. Bitcoin may be no different.”
But he went on to conclude that:
“My issue is that (as I understand it), people can create their own bitcoin, whereas they can’t create their own dollars. . . To me, the idea that people can create currency and have it accepted as legal tender makes no sense. But maybe I just don’t understand.”
It was an honest, thoughtful response. And one that Ben has probably heard a number of times before. I certainly have.
Marks is a highly accomplished, sophisticated investor. And he admits he doesn’t understand Bitcoin.
