American billionaire hedge fund manager Marc Lasry said he should have bought “a lot more” Bitcoin (BTC) a few years ago.
During a CNBC’s Squawk Box interview, Lasry commented on BTC’s performance and 2020’s bull run. He regrets not buying more as the price surge happened a lot quicker than he thought —mainly due to institutional investors embracing cryptocurrencies and widespread adoption by governments and other corporations.
"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
“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.”
Lasry Still Bullish on Bitcoin
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.
It isn’t the first time Lasry regrets not buying Bitcoin, though. In past interviews, the hedge fund manager predicted a price target of $40,000 for BTC in 2018. When asked about where the market is standing now and where it could go, he said there are good arguments for both sides: bears and bulls.
“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.”
Tumultuous Week for BTC
BTC’s price fluctuations have given a lot to talk about in the crypto community. The latest outflows are record-breaking, with Bitcoin-related products seeing outflows worth $141 million and 22,550 (roughly $750 million) withdrawn from centralized exchanges.
Data suggests that institutions might be dropping their BTC holdings, like Ruffer Investment, which cashed its entire BTC position and netted over $1.1 billion. On the flip side, the fact that a lot of bitcoins are moving out of exchanges means that large investors are buying in for the longer term.