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Billionaire Marc Lasry Invests $17 Million In Bitcoin

Marc Lasry

Billionaire Marc Lasry Invests $17 Million In Bitcoin

Billionaire Marc Lasry invests 1% of his personal net worth into Bitcoin. Lasry believes Bitcoin could be worth $40,000 as it hits the mainstream and becomes easier for the average Americans to buy.

During CNBC’s “Squawk Box” segment, hedge fund manager Marc Lasry claimed to have invested 1% of his personal net worth into Bitcoin. According to Forbes, Marc Lasry’s net worth is $1.7 Billion, making his investment an astonishing $17 Million. When asked “What do you think it will be in 5 years?”, Lasry responded “As it gets more into the mainstream, as it starts getting easier for people to buy, I think then you’ll have something that will end up being $20,000 to $40,000.” Lasry claims to purchased Bitcoin a few years ago, but made majority of his investment over the past 12 months, at an average of $5,000-$7,500 a coin.

Lasry believes the intrinsic value of Bitcoin lies on its access to the average American, making the price go up. The billionaire believes Bitcoin is “the one everyone’s going to come to”, even though people are placing bets on different altcoins. Marc Lasry is the CEO of Avenue Capital Group and co-owner of the Milwaukee Bucks NBA team. Avenue Capital Group holds $9.6 billion in asset management.

Last week, TenX co-founder Julian Hosp stayed firm on his original prediction that Bitcoin would reach $60,000 by the end of 2018. Hosp is well aware that a significant event would have to take place in order to push Bitcoin up to $60,000. One such event could be a bitcoin exchange traded fund (ETF), which may be a possibility as CBOE Global Markets recently filed another SEC application for a Bitcoin ETF.

Image by CNBC

 

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