According to billionaire Marc Lasry, Bitcoin price will reach $40,000 where mainstream adoption and improved trading usability will be the main catalysts. He also expressed his regrets for not getting involved earlier.
Lasry, the co-founder and CEO of asset management company Avenue Capital, told CNBC’s Squawk Box that the price of the first and foremost cryptocurrency could reach $40,000.
According to the billionaire, the main reason for that is tied to Bitcoin’s widespread adoption and future usability. He said:
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.
Cryptocurrencies might indeed see further adoption, in general. MasterCard, one of the world’s largest financial services provider, received a patent for a system which might pave the way for crypto-based credit card transactions.
Regrets Not Investing Earlier
Lasry, who is also a stakeholder in the NBA’s Milwaukee bucks, clearly favors Bitcoin among all other cryptocurrencies. He said:
The reason why I like bitcoin is because it’s the one everybody is going to come to.
The billionaire also added that he regrets not purchasing the cryptocurrency a couple of years ago when it was trading around the $300 mark. Nevertheless, he admitted that he has holdings of Bitcoin. Despite managing over $9.6 billion in assets for his company, he said that he only invested in the cryptocurrency with his own personal money.
Bitcoin price surged July 17th, breaking the 50-day moving average swiftly and breaching key resistance levels. At the time of writing, the cryptocurrency trades at $7,327.67, marking a slight decline of 0.99 percent over the last 24 hours.
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