Business Magnate Mark Lasry Believes Bitcoin Will Rally To $40,000

Marc Lasry, the founder of Avenue Capital Group stated during a recent CNBC interview that he was convinced that Bitcoin (BTC) will rally to the $40,000 mark.

Lasry, however, believes that the cryptocurrency will only achieve that kind of growth if it becomes easier to trade and also widely accepted. Lasry made the bullish comments about Bitcoin during CNBC’s "Squawk Box" segment during which he also revealed that he has invested roughly 1 percent of his personal investment fund in Bitcoin. He also seems to be highly convinced that Bitcoin will eventually be worth $40,000.

“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,” stated Lasry.

Mark also believes that Bitcoin investors will be able to grow their investment by five to ten-fold over the next 3 to 5 years. He also pointed out during his interview that he prefers Bitcoin because it is the cryptocurrency that almost everyone is focusing on. Lasry currently manages Avenue Capital whose asset portfolio is valued at around $9.6 billion. He, however, claims that he invested in Bitcoin with his own money and not through the investment firm.

One of Lasry’s regrets, as he revealed during the interview, is not investing early enough in Bitcoin. He wanted to purchase the cryptocurrency when its value was around $300 and just like most people, Lasry missed the opportunity. Most of the early adopters of Bitcoin have become millionaires due to the growth that the cryptocurrency has enjoyed over the past few years, especially towards the end of last year when Bitcoin was almost reached the $20,000 mark.

The statements made by Lasry during the CNBC interview come just around the same time that Bitcoin has started rallying after a period of bearish performance during which the price has been in the $6,000 levels. The recent surge sent the price past the $7,000 mark, with the actual price at $7,365 at the time of this press.

Lasry is one of the top business executives that are optimistic about the cryptocurrency market, and particularly about Bitcoin. His prediction of $40,000 seems more attainable than the $1 million predicted by the likes of John McAfee. However, some critics still believe that Bitcoin will continue to lose value.