Billionaire Hedge Fund Manager Says He Made Major Mistake When Buying Bitcoin | The Daily Hodl

The CEO and co-founder of hedge fund Avenue Capital Group Marc Lasry harbors one regret over his Bitcoin investment.
In a new interview with CNBC, Lasry who is worth approximately $1.8 billion says that he ought to have purchased more Bitcoin when it was trading lower.
“I think the probability as more and more people keep using Bitcoin, it’s going to keep moving up. But, yeah, it’s happened a little bit quicker than I thought it would. I should have bought a lot more. That’s my mistake.”
When Bitcoin was trading below the $8,000 level three years ago, Lasry predicted that it could hit $40,000. The hedge funder explains that his prediction was predicated on institutional investors entering the space and driving up Bitcoin’s price.
“…once a market is created, it’s there. That to me was the reason why I thought it was interesting on Bitcoin. And I thought that as soon as you had institutional investors coming in, the price would move up.”
Lasry adds that he is currently clueless as to where Bitcoin’s price is headed, adding that it is anyone’s guess as to whether BTC heads higher or lower off current prices. At the time of writing, the flagship cryptocurrency is trading slightly above $37,000.
“I think today, I honestly don’t know where it’s going to go. But you’ve got that market, it’s there. I can make an argument it could go to $100, $100,000. I could make an argument it could go to $20,000.”
In addition to purchasing Bitcoin individually, Lasry also invested in cryptocurrency investment firm BlockTower Capital earlier this year independent of his hedge fund.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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