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Mark Lasry: Bitcoin Will Reach $40,000 Soon

bitcoin

If there is anything that crypto investors should be aware of by now, it is the fact that it is a highly volatile investment. Cryptocurrencies are known for their large price swings. In fact, June was a bad month for Bitcoin and other cryptocurrencies. There was a point Bitcoin was simply trading below $6,000. That was equivalent to losing as much as 70{4ede17fdd9b4ce8121d01fc4b54913fe84f8215aace504cc657695cefb5329ff} of its value since its all-time high in December.

Bitcoin is currently trading above $7,000 and was even able to hit $7,500 briefly. At this time, many are optimistic regarding the future of Bitcoin. Tom Lee and other prominent people in the industry have already expressed a positive opinion regarding cryptocurrencies even saying that it can surpass its all-time high of near $20,000 last December.

This time around, Bitcoin has found a believer in billionaire Marc Lasry. According to Mark Lasry, he said to CNBC that Bitcoin could even go reach up to $40,000. He said that “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 sees investors to make five times to ten times their investment in three to five years when they go with Bitcoin.

Lasry is known for running Avenue Capital Group. It is a distressed debt investment firm that has around $9.6 billion in assets under its management. He also mentioned that the investment with Bitcoin that he made came from his own personal money.

Regret Not Buying Early

In December, Lasry commented that he regrets not buying Bitcoin earlier. He even mentioned that he should’ve bought Bitcoin a couple of years ago when it was still at $300. Bitcoin is currently trading above $7,000. It is even getting closer to $7,500. And since it has jumped by $1,000 in a matter of a few days, it goes to show how volatile cryptos are.

So what makes him like Bitcoin? He said that “The reason why I like Bitcoin is because it’s the one everybody is going to come to”. And he is actually correct. These days, there are institutional investors that are quite interested in cryptocurrencies. And this could actually bring in serious money to the market. However, it is imperative to see regulatory clarity before this scenario happens. And in recent months since the start of 2018, regulatory changes have taken place.

US Securities and Exchange has recently called Bitcoin and Ethereum not as securities. And this is a big deal considering the fact that many are hesitant because they are wary of the possibility that Bitcoin and Ethereum are going to be regulated by the same rules on stocks and other investment vehicles.

Is it Really a Bullish Future for Bitcoin?

Should investors be bullish on Bitcoin and other cryptocurrencies? Considering the recent upward trend, not to mention the regulatory changes adapted by different countries, it seems that banning cryptocurrencies isn’t the best option for different countries today. In fact, South Korea that has banned ICOs is even considered to lift the ban. The European Parliament came up with a report recently saying that banning cryptocurrencies is a bad move for different countries.

John Jayme

John is a crypto investor, enthusiast and copywriter. He is in charge of daily news and other emerging trends in blockchain technology.

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