With Bitcoin’s price on a bit of a tear-away currently, gaining over $1,000 in 24 hours as good news swirls, billionaire investor Marc Lasry has made a big price prediction. The institutionalized investor sees the key to Bitcoin’s growth in price in its ability to gain more mainstream appeal.
He believes that a target as high as $40,000, double its all-time high from December last year, is on the cards, especially if it becomes easier and more accessible to buy. The billionaire is a little more forward-thinking than the likes of Warren Buffett and others and says he regrets not getting in sooner.
More mainstream and more markets
Lasry notes how that while Bitcoin has made it into the mainstream, with its monumental price rise in December, it still has a way to go. But if it can continually become easier for investors to use and buy, it will rise.
"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 said in a "Squawk Box"
He added he sees Bitcoin investors making five to 10 times their money in three to five years.
Lasry has bought Bitcoin before and admits it was a personal investment and nothing to do with his investment firm Avenue Capital Group, which has about $9.6 bln in assets.
The billionaire admitted in December he regretted not buying more when it was valued at around $300 just a few years back.
Lasry expects Bitcoin will have the most benefit for investors out of all the cryptocurrencies, saying "the reason why I like Bitcoin is because it's the one everybody is going to come to."
The markets are currently looking quite enticing to mainstream buyers again as many are calling this brief rally the end of the bear market because of a host of good news around the cryptocurrency space.
If this is indeed a turn in the markets, then the positivity that is being felt could help fuel more big predictions for the volatile asset.