Hedge Fund Billionaire Marc Lasry Laments Not Buying Enough Bitcoin

Wednesday 09 June 2021, 12:00 PM AEST - 1 week ago

Marc Lasry, a famous American hedge fund manager and co-owner of the NBA’s Milwaukee Bucks basketball team, has regretted not buying enough Bitcoin (BTC) in the past few years.

In an interview on CNBC’s Squawk Box, Lasry said he was surprised by how fast BTC surged in price over recent months, mainly due to institutional demand and widespread adoption.

I think the probability, as more and more people start using Bitcoin, is that it’s going to keep going up. It’s happened a lot quicker than I thought it would. I should have bought a lot more. That was my mistake.

Marc Lasry

This isn’t the first time Lasry regrets not buying BTC. In July 2018, he told CNBC he lamented not buying Bitcoin when it was valued at US$300, also predicting a price target of US$40,000 and that mainstream adoption would expand the cryptocurrency to better markets.

The reason I like Bitcoin is because it’s the one everybody is going to come to.

Marc Lasry

Going Down or Up, Bitcoin is Here to Stay

When asked about the current market status for BTC, Lasry said there are strong arguments for both sides, bearish or bullish. He maintains relatively bullish on Bitcoin. Whether it goes down to US$20,000 or up to $100,000 the market is “already here”, he said, adding it’s unlikely to go to zero.

I honestly don’t know where it is going to go but you’ve got that market, it’s there. I could make you an argument it could go to $100,000. I could make you an argument it could go to $20,000.

Marc Lasry

Lasry is a co-founder and CEO of Avenue Capital Group, a global investment firm founded in 1995. He has been a crypto advocate since he first heard about Bitcoin, making an undisclosed investment in the crypto hedge fund BlockTower Capital a few months ago.

We also saw in recent news that Ray Dalio claims that he owns some Bitcoin, as the list of large investors in cryptocurrencies continues to grow.

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