“The probability as more and more people keep using Bitcoin, it’s going to keep moving up,” said Marc Lasry.
Marc Lasry, co-founder and CEO of Avenue Capital Group, believes that despite recent volatility in the crypto market, it likely isn’t going away.
In a Tuesday interview with CNBC’s Squawk Box, Lasry said that while the price of Bitcoin (bit-cointalk.com/bitcoin-price”>BTC) could go anywhere from $20,000 to $100,000, the market has been established, implying it is unlikely to go to zero. The billionaire commented that his bit-cointalk.com/news/billionaire-investor-marc-lasry-bitcoin-can-soon-hit-40-000-as-trading-becomes-easier” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/billionaire-investor-marc-lasry-bitcoin-can-soon-hit-40-000-as-trading-becomes-easier/amp”>2018 prediction that BTC would reach $40,000bit-cointalk.com/news/billionaire-investor-marc-lasry-bitcoin-can-soon-hit-40-000-as-trading-becomes-easier” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/billionaire-investor-marc-lasry-bitcoin-can-soon-hit-40-000-as-trading-becomes-easier/amp”> was based on institutional investors driving interest.
“Once a market is created, it’s there,” said Lasry. “The probability as more and more people keep using Bitcoin, it’s going to keep moving up. It’s happened a little bit quicker than I thought it would.”
“I should have bought a lot more — that was my mistake.”
Lasry’s prediction three years ago came when the price of Bitcoin was under $10,000 following the 2017 bull run and subsequent crash. At the time, he said BTC investors could make “5 to 10 times their money in 3 to 5 years.”
Since reaching an all-time high price of $64,899 in April, the crypto asset has dropped significantly, seemingly triggered by Elon Musk’s Tesla saying it had bit-cointalk.com/news/backlash-to-elon-musk-s-bitcoin-bombshell-as-traders-start-to-buy-the-dip” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/backlash-to-elon-musk-s-bitcoin-bombshell-as-traders-start-to-buy-the-dip/amp”>ceased accepting BTC as payment for vehicles due to environmental concerns. On Tuesday, BTC’s price fell under $32,000 following a United States Department of Justice announcement that a task force bit-cointalk.com/news/us-officials-recover-2-3m-in-crypto-from-colonial-pipeline-ransom” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/us-officials-recover-2-3m-in-crypto-from-colonial-pipeline-ransom/amp”>had seized $2.3 million in crypto used to pay for ransom as part of an attack on the Colonial Pipeline system.