'Wall Street Legend' Howard Marks: "Cryptocurrency Has No Intrinsic Value... I Don't Invest"

Photo by Reena Rose Sibayan for Amy Mayes Photography

Howard Marks, chairman of Oaktree Capital, renowned as a legend of value investing, stated, "I do not invest in cryptocurrencies that have no intrinsic value."

In an interview with Korean journalists on the 24th (local time) at an office near 34th Street on 6th Avenue in Manhattan, New York, Marks said, "My belief in cryptocurrencies is firm. Cryptocurrencies do not generate any income. If they do not generate income, they cannot be valued," he said.

Marks evaluated cryptocurrencies as 'speculative investment assets' with no intrinsic value. He explained, "The primary task of about 1,200 Oaktree employees is to calculate and evaluate the value of assets," adding, "Analytical investing involves predicting future value and determining the appropriate timing to buy." He firmly stated, "I do not invest in cryptocurrencies that cannot be approached with this methodology."