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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