The long respected Wall Street boss has recently warned clients against investing in the currency which has gone up exponentially this year. 

The co-chairman of Oaktree Capital says Bitcoin currently has little value and the priced has been pushed up purely by speculators.   

Mr Marks has been right before and previously predicted both the financial crisis and that the dotcom bubble would burst, according to CNBC.   He has told his clients: "In my view, digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it."  The investor compared cryptocurrencies to the Tulip mania of 1637, the South Sea bubble of 1720 and the internet bubble of 1999.

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