Marc Lasry: Bitcoin will reach $40,000

Avenue Capital Group Co-founder and CEO Marc Lasry reckons the price of Bitcoin could reach $40,000 (£30,800).

“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,” he says.

Although Lasry did not say by when he believes the price of the Bitcoin will be $40,000, he did estimate that those who invest will make five to 10 times their money in three to five years.

He has invested 1% of his assets in Bitcoin and states he regrets not having bought a few years ago when it was $300 (£231). Lasry expects Bitcoin will give investors better returns more than any other cryptocurrency because it is the “one everybody is going to come to.”

The price of Bitcoin has slowly recovered in the last few days, and at the time of writing, it stood at $7,416.08 (£5717.02). Lasry’s predictions are far more moderate than those of John McAfee, who says Bitcoin will reach a valuation of a million in the next five years. Others have said it will reach $25,000 by the end of this year.