Another billionaire has officially jumped around the bitcoin bandwagon.
The latest accessory the burgeoning pair of bitcoin billionaires is Marc Lasry, the co-founder of Avenue Capital Group, a great investment firm with $9.6 billion in assets under management.
Speaking with?CNBC, Lasry, who might be also a co-owner of one’s NBA’s Milwaukee Bucks, revealed that he believes the?bitcoin price?has the potential to reach $40,000 within the next a long period as it becomes more mainstream and for sale to everyday investors. Early adopters, he predicts, often see a massive windfall in as short a period of time as 3-5 years.
“As it gets more on the mainstream, and when more markets discover youself to be allowing it to trade where it’s freely tradable, with me that’s many of the bet,” Lasry said, adding that “the reason I like bitcoin (not like other cryptocurrencies) is simply because it’s the one everyone seems to be going to reached.”
As CCN reported, a number of fintech startups (including?Square,?Robinhood, and?Circle)?have presented cryptocurrency brokerage products intended to make the nascent asset class more there for retail investors, while firms for example Coinbase and Xapo have built?custodial solutions?tailor-made for institutions.
However, the so-called holy grail of bitcoin investing, a?bitcoin ETF, has yet to get started trading for a regulated U.S. stock market, despite numerous attempt from fund providers to make such a product. The?latest effort, launched in partnership by VanEck, SolidX, as well as the Chicago Board Options Exchange (CBOE), is actually undergoing scrutiny belonging to the Securities and Exchange Commission (SEC). This unique ETF proposal boasts a very high minimum investment, that will price most retail buyers straight from the market and perchance make regulators less hesitant to approve it.
Last December, similar to the bitcoin price peaked near $20,000, Lasry declared he regretted not purchasing flagship cryptocurrency if it was trading at $300. Bitcoin, though, has experienced a precipitous fall work, and it appears that Lasry does not intend to make the same mistake twice.
According to?Zero Hedge, Lasry has invested 1 % of his estimated $1.7 billion net worth in bitcoin, which is roughly $17 million. He stressed why these investments were made in a personal capacity and never through his firm.