Marc Lasry, co-founder and CEO of Avenue Capital Group, said it had invested 1% of its fortune in Bitcoin (BTC) in an interview with CNBC. The net worth of its assets is estimated at approximately $ 1.68 billion. He would have invested $ 16.8 million in the flagship cryptocurrency.
Lasry: "I personally invested 1% in Bitcoin"
Lasry is confident in the digital currency market. He started betting on Bitcoin a few years ago with a lot of money at stake . More than 1% of its net capital is now engaged in the BTC. Moreover, he thinks that the most important virtual currency is not a totally speculative asset.
"I would not say that Bitcoin is completely speculative, but it's speculative. It is about 1%, and I started investing in Bitcoin a few years ago. I bought a lot more last year, while the average bitcoin price was probably $ 5,000 to $ 7,500. ""In order for Bitcoin to reach $ 40,000, we need to look at cryptocurrency regulation. The BTC was able to reach $ 20,000 last December, the major digital currencies should be able to trade freely in a market allowing traders and institutional investors to engage in the industry, " said Lasry.
Lack of assets available for public trading such as ETFs (ETFs) hinders investment by major hedge fund players. They are struggling to invest tens of millions of dollars in potentially potentially billions of dollars in cryptocurrency under these conditions.
Coinbase Custody , the first trusted bank in the virtual currencies sector opened its service in June. It remains the only option to allocate at least $ 5 million in Bitcoin.
"You hope that as the market grows, more and more markets end up allowing it to trade where it is freely traded, for me it's more of a bet on the market. Then you could have between $ 20,000 and $ 40,000, "explained Lasry.The CEO of Avenue Capital believes that cryptocurrency providers should focus more on creating an environment conducive to the investment of the average American in Bitcoin and altcoins. The investor should have no concerns with the regulations surrounding the market.
Bitcoin will undoubtedly be the main beneficiary of market development, once industry-friendly regulations are established in America. Its undeniable dominance of global crypto-markets and its strong network explain the influx of investors.
"The reason I love Bitcoin is that everyone will go along with it. When you look at everything else, everyone is betting on different crypto-currencies, which seems logical to me. I just think the one with the biggest advantage in the market will be Bitcoin. As long as the average American can buy it, the price should go up, "added Lasry.
A regulatory change should shake the price of cryptocurrencies
Arthur Hayes , the CEO of BitMEX, a widely acclaimed Bitcoin platform, said that the cryptocurrency sector and its current downtrend could be reversed by the introduction of a regulatory framework.If the largest financial institutions adopt crypto-trading and the Securities and Exchange Commission (SEC) approves adoption projects, the global markets for virtual currencies would increase significantly.
Crypto-markets have increased since 2010. A similar trend seems to be emerging this year, favoring long-term development as developers and companies around the world are already working on various issues surrounding Blockchain technology and cryptocurrencies. .
Do you think billionaire Lasry is right to invest 1% of his fortune in Bitcoin? Would you dare to follow the same investment path if it were your personal assets? Let us know in the comments below.
Posted from my blog with SteemPress : https://infos.link/billionaire-marc-lasry-invests-1-of-his-fortune-in-bitcoin/