Marc Lasry, co-founder and CEO of Avenue Capital Group, claims that despite its recent volatility, the cryptocurrency market is probably not going to go away.
In an interview Tuesday with CNBC’s Squawk Box, Lasry He said that the price of Bitcoin (BTC) could range between $ 20,000 and $ 100,000, but that the market has established itself, which implies that it is unlikely to reach zero. The billionaire commented that his 2018 prediction that BTC would hit $ 40,000 was based on institutional investors driving interest.
“Once a market is created, it stays there”Lasry said. “The probability as more and more people keep using Bitcoin, it’s going to keep going up. It happened a little bit 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 the ensuing crash.. At the time, he said that BTC investors could earn “5 to 10 times their money in 3 to 5 years.”
Since hitting an all-time high of $ 64,899 in April, The crypto asset has dropped significantly, apparently due to Elon Musk and Tesla saying that it had stopped accepting BTC as vehicle payment due to environmental concerns. Today the price of BTC fell below $ 32,000 following the Department of Justice announcement that a task force had seized $ 2.3 million in crypto used to pay ransoms as part of an attack on the Colonial Pipeline system.