On a July 18 interview with CNBC’s Squawk Box, Marc Lasry, intimated that bitcoin shows indications it will hit $40,000 as it becomes more accepted and easier to trade.
Lasry, a Moroccan-born billionaire, co-founder and chief executive officer (CEO) of Avenue Capital Group, and co-owner of the NBA’s Milwaukee Bucks, anticipates bitcoin has the budding potential, out of all the crypto assets, to benefit investor in times to come. He mentions, “it’s…getting more into the mainstream, as more markets end up allowing it to trade where it’s freely tradable, to me that’s more of the bet.” Lasry sees bitcoin investors making five to 10 times their money in three to five years.
Bitcoin has tumbled many times and lost more than half of its value in the first six months of this year compared to December of last year when it nearly reached $20,000. Since then it revived and regained the market attention. However, the price of bitcoin continues to spike on and off. According to the analysts, the fluctuations are occurring due to technical levels more than to any other sparking catalyst.
Lasry expects bitcoin will be more beneficial for investors out of all the cryptocurrencies, saying, “The reason why I like bitcoin as it’s the one everybody is going to come to.”
Further, Lasry aired his regret about not buying bitcoin earlier, saying he should’ve purchased the cryptocurrency when it was at $300 just a couple of years ago.
So far bitcoin is the only virtual currency that has vastly outperformed in comparison with other virtual currencies turning from $1,000 over to $5,000 or more. But that’s only possible if consumers invest at the right time because of its volatile nature.