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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Bitcoin [BTC]: 60 Minutes segment airs on CBS; market relieved over no FUD content
Bitcoin [BTC], the largest cryptocurrency in the world has gained a lot of mainstream media attention over the years. However, most media houses have often failed to deliver the message to the masses, with the main reason being lack of research and knowledge of the subject. The cryptocurrency was thrown back into the spotlight after CBS released a teaser to their latest “60 Minutes” episode, unveiling a few influencers of the industry, speaking about their experience.
The episode, which released on 19 May 2019, immediately grabbed the attention of the cryptocurrency space, with a majority wondering whether the media channel would nail it or fail it. Interestingly, there was a poll conducted on Bitcoin Talk, where the question was ‘CBS 60 Minutes 5/19/19 on Bitcoin. Will it cause FOMO or FUD?’
60 Minutes, broadcast on the CBS Network is one of the oldest and most-watched American television programs, with the focus being “the real story on America’s most prevalent issues”. According to CBS, 60 Minutes has an average of 11.4 million viewers and about a million people who listen to its radio broadcast and podcast.
The show titled ‘Bitcoin’s Wild Ride’ aired hours ago, and covered the story of Charlie Shrem, the founder of BitInstant, Laszlo Hanyecz, the famous pizza guy who is recognized as the first person to make a real-world transaction with Bitcoin, and Marco Streng, the CEO of Genesis Mining. The segment also had Neha Narula, the Director of Digital Currency Initiative at MIT Media Lab, answering questions pertaining to the coin, and Lael Brainard, a member of the US Federal Reserve, speaking about why not Bitcoin.
The show was briefly explained by a Redditor, EternitySphere,
Unlike other mainstream Bitcoin segments, this segment was well-received by the Bitcoin community after a majority agreed that it did not spread FUD and that it was an unbiased episode, contrary to expectations. However, there were few concerns pertaining to a lack of content, with some believing that it failed to explain key information; which includes how it derives it value, albeit there was no FUD.
Franky1 commented on Bitcoin Talk,
“[…] next was the whole describing mining segment involving genesis mining.(facepalm) ASIC’s do not store records(asics have no hard drive).. so saying the mining done by genesis is the location where records are kept can be misguiding people to think genesis mining are ‘the bank’ and user software just ‘watches the numbers and letters'[…]”
Rdbase also remarked on the Bitcoin forum,
“The whole segment was about charlie shrem known as bitcoin moses and his fall into bad luck with taking a payment which was used to buy illegal things on the dark web. It did have some good points but overall it was just directed towards the public view about it. As a skeptical thing to use and banks were safer with its fiat financial system”
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