Marc Lasry, billionaire investor and co-founer of Avenue Capital Group has said he believes we will see a $40,000 bitcoin price in a recent interview with CNBC.
Speaking about bitcoin in a “Squawk Box” interview Marc Lasry stated 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,” going on to state bitcoin investors could see 5 to 10 times ROI in the next 3-5 years.
Marc Lasry runs Avenue Capital Group which he co-founded with Sonia Gardner in 1995. Currently Avenue Capital Group manages around $9.6 billion in assets. Although supposedly has no bitcoin or cryptocurrencies under management.
Marc Lasry does invest in bitcoin but with his own personal money. Lasry expressed his regret back in December 2017 at not purchasing bitcoin sooner. He was first introduced to bitcoin when it was just $300 a few years back. Bitcoin has since hit highs of almost $20,000 but throughout 2018 has struggled to gain momentum and has subsequently dropped significantly.
$40,000 Bitcoin Price
Bitcoin was previously trading above $7,400 this week according to Coinbase, there was hope amongst investors that the cryptocurrency bull run had started again. A number of big news stories surfaced which sparked a surge of bitcoin FOMO. The price has since pulled back slightly but it looks as though this is a healthy pull back after a big spike.
Lasry remains bullish on bitcoin and specified the reasons why he hold bitcoin in such a high regard, stating; “The reason why I like bitcoin is because it’s the one everybody is going to come to.” He believes as bitcoin becomes more accessible to the masses and there is more ways to use bitcoin he can see the price increasing by 5-10 times its current price. This would but bitcoin somewhere in the region of $35,000 – $75,000. In comparison to some of the the price predictions which have been thrown into the hat, this price is somewhat subdued.
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