Marc Lasry Predicts Bitcoin (BTC) To Hit $40,000 By Year End

Lasry, an American hedge fund manager, the co-founder, chairman and CEO of Avenue Capital Group, an investment firm with $9.6 billion in assets under management, has predicted that Bitcoin could make its way to $40,000.

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Bitcoin has received yet another bullish prediction from Marc Lasry.

Lasry, an American hedge fund manager, the co-founder, chairman and CEO of Avenue Capital Group, an investment firm with $9.6 billion in assets under management, has predicted that Bitcoin could make its way to $40,000.

Lasry while speaking on the “Squawk Box” segment of CNBC, revealed that he has invested around one percent of his personal fund in Bitcoin.

Lasry betting that Bitcoin, the world’s largest digital asset by market cap might soon be worth as much as $40,000 per coin at some point. Marc Lasry can be quoted:

“You are hoping 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 the market bet … I think you will have something that ends up being somewhere at $20,000 to $40,000.”

Bitcoin Would Yield the Most

Prior to Marc Lasry’s prediction for Bitcoin, Co-Founder of Litecoin (LTC) and cryptocurrency enthusiast, Charlie Lee advised that investors buy and hold at least one Bitcoin (BTC) before thinking about investing in any other digital asset – including Litecoin.

Similarly, Marc Lasry believes that regardless of all the rising digital assets and the stiff competition in the crypto market, Bitcoin would ultimately yield the most profit.

Lasry said: “I like bitcoin because it’s the one that where everybody is going to come to”.

Regardless of the terrible run of the crypto market this year, Lasry said he foresees Bitcoin investors “making 5 to 10 times their money in 3 to 5 years.”

He, however, regrets not investing in Bitcoin earlier as the pioneer of cryptocurrencies remains the most important of them all.

The Wall Street investor said he has started investment in Bitcoin (BTC) a few years ago, and but bought a lot more as cryptocurrencies garnered more attention last year.

Lasry, who has an estimated $1.7 billion in his personal fortune, revealed that he has now invested around 1% of his personal wealth in Bitcoin.

Bitcoin received some remarkable high-profile endorsements from institutional investors over the last one week, and the prices couldn’t help but spike in reaction.

The value of Bitcoin has risen by over 16% in the first 3 days of this week; adding over $1,000 in the process, and consequently stabilized at over $7,400.

Current Market Status of Bitcoin

Gardening support from the major announcements made this week, Bitcoin made a surprise surge.

The support saw break some short positions and predictions for this week, and finally cross the $7,000 mark for the first time in a month.

The surprise didn’t end in one day as Bitcoin drags the uptrend till today with gains of 1.83%.

As at the time of this writing, BTC has a trading value of $7,485.58. This week’s surge has moved up Bitcoin’s market capitalization to an estimated $128.44 billion dollars.

The increasing acceptance Bitcoin is getting from Wall Street ‘Vultures’ is a good sign for the future of the pioneer digital asset, and the entire cryptocurrency market.

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