Marc Lasry prediction is that bitcoin rate could reach $ 40,000 amid the wider distribution of cryptocurrency and its accessibility for trading.
Marc Lasry’ Prediction
Speaking at CNBC, Lasry, who is also a co-owner of Milwaukee Bucks, said he believes that bitcoin has the potential to grow to $ 40,000 over the next few years, as the cryptocurrency will become increasingly popular among ordinary investors. The first enthusiasts, he said, have already made a huge profit.
Lasry manages a hedge fund Avenue Capital Group, which works with distressed debt, but he prefers to use his own money to invest in the cryptocurrency. In December, Lasry said he regretted that he had not bought bitcoin before, when Bitcoin price was about $ 300.
“As it gets more into the mainstream, and as more markets end up allowing it to trade where it’s freely tradable, to me that’s more of the bet,” Lasry said in a “Squawk Box” interview. He added that investors should expect to increase their capitals, which they keep in bitcoin, 5-10 times in a period of 3 to 5 years.
The investor expects that bitcoin will show the highest return out of all the cryptocurrencies.
“The reason why I like bitcoin is because it’s the one everybody is going to come to.”
According to Zero Hedge, Lasry invested 1% of his assets in the amount of $ 1.7 billion in bitcoins, which is approximately $ 17 million. He stresses that this investment was made for his personal reasons, and not on behalf of the company.
Earlier, the founder of Litecoin Charlie Lee advised community members first to buy at least 1 BTC, and then invest in altcoins. He stressed that this rule applies to Litecoin.
“There will be at most 21 million bitcoins in existence. There isn’t even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first”
Some time after this publication, Bitcoin price overcame the psychological mark of $ 7000 and continued to grow, almost reaching $ 7,500 on the bitcoin exchange Kraken.