Marc Lasry has a deep regret about bitcoin. The billionaire hedge fund manager has quickly realized that he should have stacked more bitcoin a few years ago.<\/p>\n
Lasry, co-founder and CEO of Avenue Capital, told CNBC\u2019s Squawk Box<\/em> on Tuesday that although the bitcoin price could either spike to $100K or plummet all the way to $20,000, the market has been established. This means that the bitcoin price is not likely to careen to zero despite the current bearish sentiment.<\/p>\n Lasry regrets not buying more BTC when it was significantly discounted. He sees the cryptocurrency going higher if more and more people embrace it.<\/p>\n \u201cT<\/em>he probability as more and more people keep using Bitcoin, it\u2019s going to keep moving up. It’s happened a little bit quicker than I thought it would,\u201d <\/em>he said. \u201cI should have bought a lot more <\/em>\u2014 <\/em> that was my mistake.\u201d<\/em><\/p>\n Lasry made an accurate call back in 2018 when bitcoin was trading at only $7,000. In particular, he proclaimed that the king of cryptocurrencies would reach the $40K level within 3 to 5 years. BTC topped $40,000 for the first time in history in early January this year. The flagship cryptocurrency went ahead to clock an all-time high near $65,000 in mid-April before hitting a snag.<\/p>\n Bitcoin has been on a declining trend ever since Elon Musk announced that Tesla would no longer be accepting bitcoin as a means of payment for its electric vehicles. Growing concerns regarding the tightening of regulations around crypto mining and trading in China is another thing rattling investors in the bitcoin market. <\/p>\n Bitcoin recently incurred its deepest slump in roughly ten days. The fall came after reports that U.S officials were able to recover $2.3 million in bitcoin (BTC) that Colonial Pipeline paid to the DarkSide hacker group during a ransomware attack. Some observers concluded that the retrieval of the BTC showed that the federal authorities had hacked the bitcoin wallet in question.<\/p>\n Meanwhile, on-chain data service Whalemap expects macro support for the bitcoin price to start at $28,000. The strategists relied on the cohort-based realized price which is a metric that extrapolates realized price according to how massive a wallet is, accompanied by the price at which present holders obtained their BTC for as the cryptocurrency soared to $65K historic highs.<\/p>\n Whalemap tweeted:<\/p>\nBTC Correction Deepens; Is $19,000 The Utmost Price Floor?<\/strong><\/h2>\n