Marc Lasry, who is the co-founder of Avenue Capital Group, an investment firm with $9.6 billion in assets under management, recently spoke positively about Bitcoin. Lasry is the latest person in the list of billionaires to support the flagship cryptocurrency.
In an interview with CNBC, he said that he believes the Bitcoin price has the potential to reach $40,000 over the next several years. The owner of the NBA team Milwaukee Bucks also said that Bitcoin is becoming more mainstream and more accessible to everyday investors, which is what will spark the popularity for early adopters.
As he said:
“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 we reported earlier, there is a number of fintech startups such as Square, Robinhood, and Circle that rolled out cryptocurrency brokerage products designed to make the asset class more accessible to retail investors. Companies like Coinbase and Xapo, on the other hand, have built custodial solutions tailor-made for institutions.
When the price of Bitcoin peaked near $20,000 last December, Lasry said that he regretted not buying it when it was trading at $300. However, Bitcoin has seen a steady fall since – and it appears that Lasry doesn’t want to make the same mistake twice.
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