Marc Lasry, a billionaire investor, admitted in his announcement that he should have bought Bitcoin when its price was at $300 a few years ago. This declaration came at the time Bitcoin price skyrocketed on December 7, over $18,000 for the first time. Bitcoin’s market capitalization was valued at a staggering $307 billion.
The meteoric rise was the result of the launching of Bitcoin Futures trading from Chicago-based exchanges Cboe Global Markets and the CME Group. This development pushed the combined cryptocurrency market value over $400 billion.
Speaking to CNBC’s “Squawk on the Box” on December 7, Lasry said:
“I wanted to start buying it personally. Then I was as if … ‘I’ll just wait for it to take a little dip.’ And it hasn’t taken a dip. […] I should have bought that thing.”
Lasry added that despite the JP Morgan CEO Jamie Dimon’s view that Bitcoin is a fraud and that of Stephen Roach (Senior Fellow at the Yale University and former Asia chairperson and chief economist at Morgan Stanley) that Bitcoin is a “dangerous speculative bubble,” he believes that it is real, adding:
“Look, I don’t understand it. I just sort of looked at it and said it seems like a new currency is being created.”
Lasry believes that the increasing demand for the currency is helping it to go mainstream. Others who are more favorable toward bitcoin’s future include entrepreneur William Mook, who tracks the price of the digital money and price markets.
According to him, it will eventually replace fiat currencies as ‘each of these fail.’ Earlier this week, Mook stated:
“It will do this because it secures honesty and value using the blockchain, without reference to trusted third parties. It is happening today.”
Billionaire hedge fund manager and Bitcoin advocate Mike Novogratz is also predicting great times for Bitcoin. At the end of November 2017, he said that Bitcoin could “easily” reach $40,000 by the end of 2018, saying:
“There’s a big wave of money coming, not just here but all around the world.”
Even if many critics are arguing that Bitcoin bubble is a bad thing, Novogratz believes the opposite. He stated during an interview:
“Historically, manias or bubbles happen around things that fundamentally change the way we live. If it’s the railroad bubble or the Internet bubble, it really changed the way we live.”