An executive at the Avenue Capital Group has today stated that he thinks Bitcoin will eventually outperform its 2017 highs. Mark Lasry claimed that the asset is moving into the mainstream further and the launching of extra trading platforms will help drive the price to previously unseen levels.
Hedge Fund Manager Holds 1% of Personal Net Worth in Bitcoin
Mark Lasry spoke to CNBC’s “Squawk Box” earlier today. On the segment, the Moroccan-born hedge fund manager told presenters that he felt the price of Bitcoin would eventually reach between $20,000 and $40,000.
When pressed for a reason why it would reach these new highs, Lasry cited that it was moving closer to the mainstream and the launching of alternate trading venues would allow more people exposure to the asset. He stated:
“As it gets more into the mainstream and as more markets end up allowing it to trade… to me that’s more of the bet.”
Mark Lasry currently works as the CEO at the Avenue Capital Group. The distressed debt investment firm boasts an impressive $9.6 billion in assets under management. He also co-owns the NBA team the Milwaukee Bucks.
Lasry makes no secret of his interest or investment in Bitcoin. He also told CNBC that he holds around 1% of his personal net worth in the digital asset. He went on to tell presenters that he was able to make some of his investment a few years ago, but added much of his position in the last twelve months. To this, Lasry added:
“Probably the average price would be somewhere around $5,000 to 7,500.”
Lasry was then asked what he felt the intrinsic value of Bitcoin was. He answered simply, “I have no idea.” Finally, the Milwaukee Bucks owner was pressed on his feelings towards government-issued digital currencies. He stated that he also didn’t know if a U.S.-issued digital coin that would replace the dollar would validate Bitcoin or make it redundant. He concluded by defending his interest in the most successful digital currency to date:
“The reason I like Bitcoin is because it’s the one everybody is going to come to.”
Lasry isn’t the only one who’s long-term bullish on Bitcoin. Despite the slump in that markets throughout 2018 so far, there are still many voices calling for much higher prices. One such advocate of the technology is Fundstrat’s Tom Lee. Earlier this month, he stated that he feels his earlier price prediction for 2018 of $25,000 would still come true.
However, Lee’s estimate is dwarfed by that of Julian Hosp. The TenX CEO has stated that he believes a $60,000 is possible in 2018. For this to happen, Hosp does admit that the price would need to be above $10,000 before mid-August. This seemed highly unlikely until the very recent upturn in the market which saw Bitcoin increase its price by 10% in just a matter of hours.
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