Howard Marks co-founder of alternate investment manager Oaktree Capital, claims he has reconsidered his “dismissive” that is previous stance bitcoin (BTC, +2.36%).

The investor, who’s worth $2.1 billion according to Forbes, formerly stated in a 2017 memo that cryptocurrency was “an unfounded fad.” The comment ended up being “a knee-jerk response without information,” Marks conceded in a video meeting because of the Korea Economic Daily on Monday.

He said that “there are lots of things that individuals want and value highly which have no intrinsic value while he’d previously considered bitcoin to own no intrinsic value. Think about a painting or a diamond or perhaps a bar of gold?” he said.

Markings described the positives of of bitcoin to be in a position to trade a day a and privacy time.

Saying his opinions that are early haven’t shown proper to date, Marks added that, with bitcoin now over $50,000, people who purchased at $5,000 “look right.”

But, while bitcoin, unlike the U.S. dollar, features a limited availability of 21 million units, Marks argued the marketplace is “circular,” meaning people want the cryptocurrency because the pricing is increasing and that demand drives prices up.

Marks additionally stated in a recent Oaktree memo that their son “thankfully owns a quantity that is significant of bitcoin.