Hedge fund billionaire Marc Lasry says he should have bought more Bitcoin in the past few days.
“The probability as more and more people keep using #bitcoin it is going to keep moving up. It’s happened a little bit quicker than I thought it would. I should have bought a lot more,” says Marc Lasry. #btc pic.twitter.com/qICVIzs61R
— Squawk Box (@SquawkCNBC) June 8, 2021
Hedge fund billionaire Marc Lasry: I should have bought Bitcoin a lot more
Lasry, co-founder and CEO of Avenue Capital Group, has been a relatively bullish crypto investor and advocate. He purchased an undisclosed amount in the crypto hedge fund BlockTower Capital a few months ago.
Marc Lasry, co-founder and CEO of Avenue Capital Group
In an interview with CNBC’s Squawk Box, American billionaire hedge fund manager Marc Lasry said he should have bought a lot more Bitcoin a few years ago.
Accordingly, Lasry commented on the performance of BTC and the bull run of 2020. He regrets not buying more because the increase in price happened a lot faster than he thought – mainly due to the factors. Cryptocurrency adoption by institutional investors and widespread adoption by governments and other corporations.
He stated:
“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.”
However, this is not the first time Lasry regretted not buying Bitcoin. In previous interviews, the hedge fund manager predicted a $40,000 price target for BTC in 2018. When asked about the current market position and where it might go, he says that there are good arguments for both sides: bears and bulls.
He said:
“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.”
The price movement of BTC has given a lot to say in the crypto community. The latest inflows are breaking records, with Bitcoin-related products seeing $141 million worth of money and 22,550 (about $750 million) inflows withdrawn from centralized exchanges.
The data shows that institutions that may be reducing their BTC holdings, such as Ruffer Investment, have withdrawn their entire BTC positions and raked in over $1.1 billion. On the other hand, the fact that so many bitcoins are moving out of exchanges means that big investors are buying in the long term.
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