On July 18, Marc Lasry, a Moroccan-born billionaire co-founder, chief executive officer (CEO) of Avenue Capital Group and the co-owner of the NBA’s Milwaukee Bucks in an interview with Europe based television programme network’s Squawk Box segment of CNBC, shows indications of bitcoin will soon hit up to $40,000 as it becomes more accepted and easier to trade.
Lasry anticipates bitcoin has the budding potential out of all the crypto assets to benefit the investors in times to come. He mentions: “The reason why I like bitcoin is because it’s the one everybody is going to come and also 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.
Although, Bitcoin has tumbled a lot many times and lost more than half of its value in the first six months of this year compare to Dec last year when nearly it reached $20,000 and since then reviving its foothold to regain the market attention remarkably. However, the price of bitcoin spiking on an off and according to the analysts the fluctuations are occurring due to the technical levels than 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.