Bitcoin Price Could Reach $40,000 Within Years: Billionaire Marc Lasry

Another billionaire has officially jumped on the bitcoin bandwagon.

The latest addition to the burgeoning group of bitcoin billionaires is Marc Lasry, the co-founder of Avenue Capital Group, an investment firm with $9.6 billion in assets under management.

Speaking with CNBC, Lasry — who is also a co-owner of the NBA’s Milwaukee Bucks — said that he believes the bitcoin price has the potential to reach $40,000 over the next several years as it becomes more mainstream and accessible to everyday investors. Early adopters, he predicts, could see a massive windfall in as short a time as three to five years.

“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,” Lasry said, adding that “the reason why I like bitcoin [as opposed to other cryptocurrencies] is because it’s the one everybody is going to come to.”

As CCN reported, a number of fintech startups — including SquareRobinhood, and Circle — have rolled out cryptocurrency brokerage products intended to make the nascent asset class more accessible to retail investors, while firms such as Coinbase and Xapo have built custodial solutionstailor-made for institutions.

However, the so-called holy grail of bitcoin investing — a bitcoin ETF — has yet to begin trading on a regulated U.S. stock exchange, despite numerous attempt from fund providers to create such a product. The latest effort, launched in partnership by VanEck, SolidX, and the Chicago Board Options Exchange (CBOE), is currently undergoing scrutiny from the Securities and Exchange Commission (SEC). This particular ETF proposal has a very high minimum investment, which will price most retail buyers out of the market and perhaps make regulators less hesitant to approve it.

Last December, just as the bitcoin price peaked near $20,000, Lasry said that he regretted not buying the flagship cryptocurrency when it was trading at $300. Bitcoin, though, has experienced a precipitous fall since then, and it appears that Lasry does not intend to make the same mistake twice.

According to Zero Hedge, Lasry has invested one percent of his estimated $1.7 billion net worth in bitcoin, which equates to roughly $17 million. He stressed that these investments were made in a personal capacity and not through his firm.

Featured Image from Youtube/Bloomberg.

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About Howard Mahere

I'm a Bitcoin/Cryptocurrency enthusiast ; motivator; author of "AN IMMIGRANT WITH A PLAN" and a John C Maxwell certified speaker . Happily married to Emely and a father to one son and two daughters. My greatest joy comes from inspiring others to maximize their potential. I feel fulfilled when I bring hope to the hopeless and encouragement to the discouraged. The truth is, we each have a past, and it's either our prison, our excuse OR our springboard to a brighter future. The choice is yours but as for me, I made up my mind a long time ago to use my dysfunctional tough childhood as a stepping stone . The late Zig Ziglar used to say "It's not what happens to you that determines how far you will go in life, it is how you handle what happens to you." This is my story and I am sticking to it!
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