Billionaire and co-owner of the Milwaukee Bucks – Marc Lasry – said in an interview with CNBC that he has invested 1% of his personal wealth into Bitcoin. According to his Forbes profile, his current net worth is $1.7 billion, making his investment into bitcoin a cool $17 million. In addition to admitting to his gargantuan bet on Bitcoin, he also gave a price prediction of $40,000. We have seen a large number of high price predictions over the years, but this feels like it’s one of the most realistic.
Bringing Bitcoin to the Masses
One of the key points he made during the interview was that once Bitcoin becomes more mainstream and easier for the average American to invest in, the price will increase quite significantly. To a certain extent, this argument makes a lot of sense. The more demand there is for Bitcoin – and other cryptos for that matter – the higher the price will go due to simple supply and demand principles. There is a limited supply of most cryptos and this will place nicely into the hands of long-term hodlers, as the fewer available coins due to market supply caps being reached the higher the price will go.
Crypto is Not a New Investment for Lasry
Lasry said that he has been slowly buying Bitcoin for a few years, but has amassed most of his collection around the $5,000 to $7,000 range. When questioned, he admitted to regretting not buying sooner, most notably when Bitcoin was at $300. He then reiterated his choice for investing in Bitcoin instead of one of the myriads of altcoins by saying, “the reason why I like Bitcoin is because it’s the one everybody is going to come [back] to.”
Bitcoin Back on the Rise
Bitcoin – and the majority of all cryptos – have enjoyed a nice increase in value this week following an extended stint in the green. At the time of writing Bitcoin was up 15% on the 7-day charts, a total of 223.7% for the previous 365 days. This bullish period has been attributed to a variety of causes, ranging from a new crypto-friendly CEO at Goldman Sachs – David Solomon, to mirroring last year’s activity.
Crypto adoption is on the rise, with countries like Malta introducing new crypto-friendly bills into law that regulate the industry to make it safer and easier to operate in. The crypto space is only going to grow and thrive even more. With high profile investors similar to Lasry showcasing the potential and their beliefs in Bitcoin, it will spur on a new generation of crypto enthusiasts and help to drive the industry forward.