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Election 2024

Billionaire Marc Lasry Sees Bitcoin's Price Reaching $40,000

Billionaire investor and fund manager Marc Lasry said the price of bitcoin has the potential to reach $40,000.

By Madeline Meng Shi
AccessTimeIconJul 19, 2018 at 2:00 a.m. UTC
Updated Aug 18, 2021 at 9:28 p.m. UTC
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Election 2024 coverage presented by

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Another billionaire investor has made bullish comments on bitcoin.

Marc Lasry, the co-founder, chairman and CEO of Avenue Capital Group, an investment firm with $9.6 billion in assets under management, weighed in on his bitcoin investment on CNBC Wednesday.

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    • Speaking during the channel's "Squawk Box" segment, Lasry said he has invested around 1 percent of his personal fund in bitcoin, betting that the world's largest cryptocurrency by market cap might soon be worth as much as $40,000 per coin at some point.

    He noted:

    "You are hoping that 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 the market bet ... I think you will have something that ends up being somewhere at $20,000 to $40,000."

    Lasry has an estimated $1.7 billion in his personal fortune, according to the 2018 World's Billionaires List released by Forbes.

    Although investors are betting on all kinds of cryptos, Lasry believes "the one will have the biggest market benefit is going to be bitcoin."

    "I like bitcoin because it's the one that where everybody is going to come to," he said, adding that the price of bitcoin will rise if the average Americans can get access to bitcoin.

    One of the Wall Street's most renowned "vulture" investors, Lasry said he has started investment in bitcoin a few years ago, but bought a lot more in the last year.

    Bitcoin image via Shutterstock

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