Another Billionaire Decides To Invest In Bitcoin
Another billionaire has decided the bitcoin story makes a whole lot of sense.
Marc Lasry, the co-founder of Avenue Capital Group, announced that he had purchased bitcoin yesterday in an interview with CNBC.
His Avenue Capital Group is said to have roughly $9.6 billion under management.
Though, Lasry was quick to point out that his bitcoin investment was made with his personal funds only.
If you follow the NBA and the name Marc Lasry sounds somewhat familiar, it should.
He is also a part owner of the Milwaukee Bucks NBA franchise.
Why bitcoin?
Lasry says that he thinks bitcoin has the potential to reach $40,000 per coin within the next 2-5 years.
Slightly more conservative than many cryptocurrency analysts, but still significantly higher than current prices.
Not many other places you can get a 6X return, even if it does take 5 years.
The stock market offers some of the most aggressive investments and it averages roughly 8% gains per year.
Why bitcoin specifically?
When asked why he liked bitcoin so much as opposed to other coins, he had this to say:
"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. The reason why I like bitcoin [as opposed to other cryptocurrencies] is because it’s the one everybody is going to come to.”
(Source: https://www.ccn.com/bitcoin-price-could-reach-40000-within-years-billionaire-marc-lasry/)
Not only that but he said that he sat on the sidelines while he has watched prices go up and up and up.
He missed buying it at $300 and said he is not going to make the same mistake twice of not investing for the next bullish leg up.
So far so good:
Lasry is said to have invested roughly 1% of his net worth, which is about $1.7 billion, which means he bought about $17 million worth of bitcoin recently.
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I can't wait till macro funds start investing 1% of their net worth's into this... that is when we really take off.
Wow, thats a great news to us crypronians. If it will realize then there will be a punch in the btc graph sooon! I hope more huge businessmen will invest in crypto 😊
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Hopefully his timeline is off and it happens by end of next year.
Amazing news for the eyes and ears
There is gonna be a change in the crypto world
We are ready for the bull to run
Good news for bitcoin holders coz whales are entering the market..soon will be bull run
Yes, that is the hope. That surge from yesterday was likely some new money entering the market.
Yes now all good news are coming from bitcoins...soon it will reach its ATH
I am holding some airdrop tokens hope their price will also increase😂
me too .me too. really hoping to see that bull run
@jrcornel as we are seeing many big people are coming in Crypto and our market is also green at this time. people are understanding the value of cryptocurrency slowly . but i can say crypto is a revolution.
This is possibly the very beginnings of the next bull phase. $15k-$20k by end of 2018?
@jrcornel yes this is a beginning and i hope we will see same pattern of market as happened in 2017. and if ETF will get approved then we can say a very big big bull run.
Lasry is Da Man! Go BTC 👍💰👍
Smart guy.
I wouldnt place my bets on Bitcoin alone.
It is the safest bet, but it will bring small profits compared to ADA and 0x when they are listed on Coinbase.