Avenue Capital Group: Bitcoin rises towards $40,000

One Avenue Capital Group executive stressed that he believes Bitcoin will surpass the 2017 highs. Mark Lasry claimed that the largest crypto currency continues to penetrate the mainstream and that the introduction of additional opportunities for traditional investors will help push the price to new highs

Hedge fund manager holds one percent of personal assets in Bitcoin

Mark Lasry was interviewed yesterday on CNBC’s Squawk Box. In the segment, the Moroccan-born hedge fund manager explained that the Bitcoin share price will reach a new high between 20,000 and 40,000 dollars. As reasons for his bullish forecast he cites the fact that Bitcoin is moving towards mainstream and there are more and more opportunities for traditional investors to enter the Bitcoin market.

Mark Lasry currently serves as CEO of Avenue Capital Group. The distressed debt investment company has impressive assets of $9.6 billion. He is also co-owner of the NBA team, the Milwaukee Bucks. Lasry makes no secret of his interest or investment in Bitcoin. He also told CNBC that he holds about one percent of his personal net assets in the most popular digital assets. The entrepreneur had already invested some years ago, but only in the last few months really increased.

Probably[my average purchase price] is between 5,000 and 7,500 US dollars.

Lasry was asked what he thought was the intrinsic actual value of Bitcoin. He simply replied: “I have no idea.” He was also asked how he felt about a government-backed digital currency. Lasry also stressed that he did not know whether a digital token issued by the US would replace the dollar, confirm Bitcoin or make it redundant. Finally, he defended his interest in the most successful digital currency to date as follows:

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