Billionaire Hedge Fund Manager Says He Made Major Mistake When Buying Bitcoin
The CEO and co-founder of hedge fund Avenue Capital Group Marc Lasry harbors one regret over his Bitcoin investment.
In a new interview with CNBC, Lasry who is worth approximately $1.8 billion says that he ought to have purchased more Bitcoin when it was trading lower.
“I think the probability as more and more people keep using Bitcoin, it’s going to keep moving up. But, yeah, it’s happened a little bit quicker than I thought it would. I should have bought a lot more. That’s my mistake.”
When Bitcoin was trading below the $8,000 level three years ago, Lasry predicted that it could hit $40,000. The hedge funder explains that his prediction was predicated on institutional investors entering the space and driving up Bitcoin’s price.
“…once a market is created, it’s there. That to me was the reason why I thought it was interesting on Bitcoin. And I thought that as soon as you had institutional investors coming in, the price would move up.”
Lasry adds that he is currently clueless as to where Bitcoin’s price is headed, adding that it is anyone’s guess as to whether BTC heads higher or lower off current prices. At the time of writing, the flagship cryptocurrency is trading slightly above $37,000.
“I think today, I honestly don’t know where it’s going to go. But you’ve got that market, it’s there. I can make an argument it could go to $100, $100,000. I could make an argument it could go to $20,000.”
In addition to purchasing Bitcoin individually, Lasry also invested in cryptocurrency investment firm BlockTower Capital earlier this year independent of his hedge fund.
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Author: Daily Hodl Staff
