In an interview with CNBC on Wednesday, billionaire hedge fund manager Marc Lasry revealed that 1% of his vast fortune is invested in Bitcoin, and that he believes BTC’s coin value will hit $40,000 within a few years.
58-year old Moroccan-American billionaire Marc Lasry is the latest high-profile business magnate to nail their colors to the mast and come out in support of Bitcoin, following in the recent footsteps of the likes of Twitter boss Jack Dorsey and McAfee founder John McAfee. As the co-founder and CEO of Avenue Capital Group, a venture capital firm with reputed assets of almost $10 billion, Lasry knows a thing or two about investment, both short-term and long-term, and has personally purchased millions of dollars’ worth of Bitcoin.
On Wednesday, Lasry was interviewed on CNBC’s Squawk Box program, and revealed that 1% of his fortune was made up of Bitcoin investments. Lasry also stated that in his opinion, within a few years Bitcoin could well be worth as much as $40,000. Such a high figure seems a little far-fetched right now, especially considering how Bitcoin has struggled throughout the first half of 2018, even looking set to sink as low as $5,000 at one point. However, Lasry remains steadfast:
“As it gets more into the mainstream, and as more markets end up allowing it to trade where it’s freely tradable, to me that’s more of the bet. The reason why I like bitcoin is because it’s the one everybody is going to come to.”
Who Is Marc Lasry?
While Marc Lasry epitomizes the modern, highly successful New York businessman, his origins are far from typical. Lasry was born into a Moroccan Jewish family in Marrakesh. His family emigrated to the US when he was seven, and settled in Connecticut. Lasry’s father worked as a computer programmer, his mother as a school teacher. Initially the young Lasry saw his future in law, graduating from New York Law School in 1984. He worked as a clerk for the Chief Bankruptcy Judge of the Southern District of New York, and following that, Lasry took a position in the bankruptcy branch of the law firm Angel & Frankel. It was during this time that he founded Amroc Investments with his sister Sonia, with $100 million in seed money from various investors.
In 1995, he and his sister formed the Avenue Capital Group with $7 million of their own money. ACG has proved a huge success, and at its peak has held assets of $11 billion.
Lasry was offered the chance of becoming the US ambassador to France in 2013, but turned the position down due to business commitments. In 2014, Lasry became co-owner of the Milwaukee Bucks NBA franchise, paying Herb Kohl $550 million for the privilege.
Don’t Give Up The Day Job
The affable Lasry’s main occupation is the day-to-day running of investment firm Avenue Capital Group, and it’s clearly a gig worth keeping; in 2014, Forbes ranked Lasry as one of the 25 highest-earning hedge fund managers in America, with total earnings of $280 million. Lasry’s Bitcoin indulgence is something of an expensive hobby, and one in which he estimates he has sunk 1% of his fortune into. While to most people that wouldn’t add up to much, for Lasry, who is worth around $2 billion, it will mean he owns around $20 million worth of Bitcoin.
Should Lasry’s prediction prove correct, and Bitcoin indeed hits a value of $40,000, his own Bitcoin share would surge to $120 million.