Bitcoin’s Popularity In the Industry Could Raise Price to $40,000, says Billionaire Marc Lasry
Marc Lasry is an investor with billions of dollars at his disposal, and he believes in Bitcoin’s ability to keep thriving. In fact, he is so confident that he has suggested that Bitcoin’s meager $6,000 value could easily rise to $40,000.
Lasry realizes that there are certain actions that will need to take place in the way that Bitcoin functions to make this into a reality, like worldwide acceptance and ease of use. However, he believes that these are natural changes. He recently held an interview with CNBC’s “Squawk Box” at the 8th Annual CNBC and Institutional Investor Delivering Alpha. In the interview, he said,
“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.”
To be clearer in his expectations, he said that investors that presently are linked into Bitcoin should have increased their profits by five to ten times within the next five years, at the most.
Avenue Capital Group, Lasry’s debt investment firm, has a value of $9.6 billion in assets that they manage. However, Lasry has kept his investments separate, held in a personal account of his own where he has made Bitcoin investments. Unfortunately, in hindsight, he said in December that he believes that he would have been better off by getting into Bitcoin much sooner, considering its rise from $300 to $20,000 by the end of 2017. Even though Bitcoin has reached frightening lows since then, it has risen by 1.35% right now, bringing the current value to $7,400.
Bitcoin has been on shaky ground this year, going from $20,000 to a low of under $6,000. It has been difficult for them to get back to their stable value, though the price has recently begun to spike again. Lasry still believes in going to Bitcoin before any other token in the crypto world, saying, “The reason why I like bitcoin is because it's the one everybody is going to come to.”
Along with Lasry’s role as the CEO of Avenue Capital Group, he has also invested in the Milwaukee Bucks.
Based on his own statements, he has ~$18M worth of bitcoin 🔥🔥🔥
Watch the interview. Look at their reactions.
— Matt Odell (@matt_odell) July 18, 2018