Hedge fund manager Marc Lasry told CNBC’s Squawk Box on Wednesday that he sees Bitcoin trading from $20,000 to as high as $40,000 as it goes mainstream. The billionaire investor specified that this level could be reached in a few years as the cryptocurrency becomes easier to trade and accepted in different regions of the world.
“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,” Lasry noted.
He said that Bitcoin investors might generate profits from 500% to 1,000% in up to five years from now.
Lasry, who is co-founder and CEO of investment firm Avenue Capital Group, revealed that he had invested about 1% of his personal funds in Bitcoin, which happened a few years ago. However, in December, as Bitcoin rallied and touched $20,000 on several cryptocurrency exchanges, the investor regretted that he hadn’t bought the coin sooner, when it was at around $300.
Lasry admitted that he had no idea what the intrinsic value of Bitcoin was. However, for him, Bitcoin will continue to be the boss among all the cryptocurrencies out there, even though he doesn’t deny the value and utility of many altcoins.
“The reason why I like bitcoin is because it's the one everybody is going to come to,” he said.
Besides running Avenue Capital with $9.6 billion in assets under management, the billionaire is the co-owner of the US National Basketball Association’s Milwaukee Bucks.
On Wednesday, Bitcoin rallied impressively and gained about 10% for the day. It seems that this is one of the few times when the move is backed purely by technical levels rather than some events with significant impact. At the time of writing, BTC is trading at around $7,410 according to Coinmarketcap.