Marc lasry, Co-Founder and CEO of Avenue Capital Group, claims that the cryptocurrency market is unlikely to go away despite its recent volatility.
In a Tuesday interview with CNBC’s Squawk Box, Lasry He said that the price of Bitcoin (BTC) could be anywhere between $ 20,000 and $ 100,000, but that the market has calmed down, meaning it is unlikely to hit zero. The billionaire commented that his 2018 prediction that BTC would hit $ 40,000 was based on institutional investors fueling interest.
“Once a market is created, it stays there”said Lasry. “The likelihood that more and more people will use Bitcoin will continue to increase. It happened a little faster than I thought.”
And he added:
“I should have bought a lot more, that was my mistake.”
Lasry’s prediction three years ago came when the price of Bitcoin was below $ 10,000 after the 2017 Bull Run and crash.. At the time, he said that BTC investors could make “five to ten times their money” in 3 to 5 years.
Since it hit an all-time high of $ 64,899 in April, The crypto asset has dropped significantly, apparently because Elon Musk and Tesla said they are no longer accepting BTC as a vehicle payment for environmental reasons. Today, the price of BTC fell below $ 32,000 after the Justice Department announced that a task force seized $ 2.3 million in crypto used in an attack on the Colonial Pipeline ransom payment system were used.