Billionaire hedge fund manager Marc Lasry recently revealed in an interview with CNBC that he has invested 1% of his personal wealth in Bitcoin [BTC]. For an individual with a net worth of close to $1.68 billion, this would mean that $16 million of Lasry’s assets lie in cryptocurrency.
Speaking on Squawk Box earlier today, Lasry also stated that he sees Bitcoin reaching values of anywhere between $20000 and $40000 over the next 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. I think then you’ll have something that’ll end up being somewhere around $20,000 to $40,000.”
He mentioned that he entered the market a few years ago and that he bought a lot more last year when the average price of the coin was between $5000 and $7500. Lasry said that he wanted to invest in it because it was a new market, stating that it is not “completely speculative.”
Lasry manages around $9.6 billion in assets through his hedge fund known as Avenue Capital Group and is the co-owner of the NBA team known as the Milwaukee Bucks. He stated that he likes Bitcoin because “it’s the one everybody is going to come to.”
The coin recently saw a hike across the $7000 resistance yesterday. Analysts stated that the hike was due to technical levels, disregarding the news of institutional investors showing interest in cryptocurrencies.
Last year, during the sharp hike in the price of Bitcoin in December, Lasry expressed regret about not buying Bitcoin sooner. He went on to say he should have purchased the cryptocurrency when it was at $300.
Many speculate that institutional investors have not entered the market due to a lack of regulatory clarity on the status of cryptocurrencies. However, major players seem to be dipping their toes into the water after seeing the rise of Bitcoin to $20,000 last year.
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