Billionaire investor Howard Marks in his memo to investors shared some warming views on Bitcoin and cryptocurrencies as he revealed that his son Andrew “owns a meaningful amount (of BTC) for our family.”

With the younger generation long on Bitcoin, Mark’s “high level of skepticism” is now turning to neutral.

The value investor who manages $140 billion assets has previously called Bitcoin a “pyramid scheme” and compared it to Tulip mania and the internet bubble.

But in his latest investor letter, Marks talks about skepticism being the natural state of the value investor —

“Our default reaction is to be deeply dubious when we hear “this time it’s different.”

But with so much innovation happening at such a rapid pace, Marks says this skeptic mindset should be paired with “openness to new ideas, and willingness to learn before forming a view.” Marks admits that when it comes to cryptos,

“I probably allowed my pattern recognition around financial innovation and speculative market behavior – along with my natural conservatism – to produce my skeptical position.”

As such, he isn’t forming a firm view on digital assets until he is informed enough and he is “striving to learn” about it.