Mark Larry, co-founder and CEO of Avenue Capital Group, believes that despite the recent volatility in the crypto market, it is likely not to go away.
CNBC’s Squawk Box, Lasry. in an interview on Tuesday with said While the price of bitcoin (B T c) can go anywhere from $20,000 to $100,000, the market is established, which means it is unlikely to go to zero. The billionaire remarked that his 2018 Predictions That BTC Will Reach $40,000 The interest run was based on institutional investors.
“Once the market is made, it’s there,” Larry said. “It is likely that more and more people will continue to use bitcoin going forward. It has accelerated a bit faster than I thought.”
“I should have bought more – that was my fault.”
Larry’s prediction came three years ago when the price of bitcoin fell below $10,000 after the 2017 bull run and subsequent crash. At the time, he said that BTC investors could make “5 to 10x their money in 3 to 5 years”.
Since hitting an all-time high of $64,899 in April, the crypto asset has fallen significantly, seemingly in line with what Elon Musk’s Tesla said it was. stopped accepting btc as payment for vehicles due to environmental concerns. On Tuesday, the price of BTC dipped below $32,000 following the announcement of a task force by the United States Department of Justice $2.3 million in crypto was confiscated The Colonial used to pay for the ransom as part of an attack on the pipeline system.