Hedge-fund manager Marc Lasry of Avenue Capital Group believes $40,000 Bitcoin is still achievable. Bitcoin reached $20,000 in December last year and since then was facing a fall. It was hovering over $5,700 and $6,000 but after months in dark shadows of dubious situation, the number one digital currency expands its gain on Wednesday finally, after following a sharp run-up in the previous session.
As recently as Saturday, interest in Bitcoin was at an eight-month low, with 24-hour volume falling below $3 billion for the first time since Nov. 7. However, after Tuesday’s surge, which saw the world’s biggest digital currency climb more than 10%, volume more than doubled Saturday’s number and reached the highest level since May 24. The price of a single Bitcoin BTCUSD, +0.07% last changed hands at $7,336.14 on Wednesday, up 0.3% since Tuesday’s price at 5 p.m. on the crypto exchange Kraken.
On the back of Tuesday’s rally, Marc Lasry, the Moroccan-born hedge-fund manager, told CNBC in an interview that the price of the Bitcoin would rise higher as more investors would open their doors to digital assets. He has invested 1% of his personal money in Bitcoin himself and very positive about higher price level.
He predicted that Bitcoin could reach a level between $20,000 and $40,000.
Lasry, the co-founder of Avenue Capital Group and owner of the National Basketball Association’s Milwaukee Bucks, said user adoption would fuel a rally that could see investor’s secure healthy returns.
“As it gets more into the mainstream and as more markets end up allowing it to trade…to me that’s more of the bet,”
Altcoins surrender early gains
After starting the day in the green, altcoins, coins alternative to Bitcoin have slid into the red late Wednesday. Bitcoin Cash BCHUSD, -0.54% was down 1.8% at $827.70, Litecoin LTCUSD, -1.44% had lost 3% to $86.19 and Ripple’s XRP coin XRPUSD, +0.01% was trading at 48 cents, down 5.7%, and Ether ETHUSD, +0.75% was down 5.4% at $472.96.
Futures closed Wednesday with moderate gains. The Cboe Global Markets Inc. for July XBTN8, +0.31% finished up 0.7% at $7,385 and the CME Inc. The July contract BTCN8, -0.74% closed at $7,395, up 1.2%.