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Avenue Capital CEO Marc Lasry: Bitcoin Could Touch $40,000

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Avenue Capital CEO Marc Lasry: Bitcoin Could Touch $40,000

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Billionaire and CEO of Avenue Capital Group, Marc Lasry, told CNBC’s Squawk Box on Wednesday that the growing accessibility of trading cryptocurrencies may well push the price of Bitcoin up to USD 40,000.

As well as becoming easier to trade, Lasry sees Bitcoin’s growing mainstream acceptance as a driving force for a huge price increase. With more markets allowing cryptocurrency trading to take place freely, he sees this as a significant indicator for his prediction. Citing the huge profits many traders have experienced, he told CNBC he has seen individual gains of 500% to 1,000% in just five years.

Lasry said that Bitcoin is the investment option that ”everybody is going to come to,” noting that this means it will be the most profitable cryptocurrency. He expressed his regret like so many others at his lack of initiative in investing in Bitcoin earlier, specifically when he had a close on it several years ago when it was worth just USD 300.

At the time of press, Bitcoin has experienced a significant +9.89% jump in the past 24 hours, with some believing the news of BlackRock’s considering to enter the cryptocurrency market a significant contributor to these gains, although the CEO has since denied claims of its interest.

Personal capital in Bitcoin

Lasry co-founded debt investment Avenue Capital Group in 1995 that he currently heads as CEO. The firm manages approximately USD 9.6 billion in assets as of last month. Avenue Capital does not handle cryptocurrency investments as of yet, however, as Lasry told CNBC, all Bitcoin investments made were with his personal capital.

In 2014, Lasry purchased co-ownership of the NBA team the Milwaukee Bucks for USD 550 million, the same year he was listed in Forbes as one of 2013’s 25 ”highest-earning hedge fund managers”. He is also a major Democratic Party donor in the US.

 

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