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So far this week, it has been a fantastic time for Bitcoin. The most popular cryptocurrency has jumped from around $6,250 to (as of July 19th) about $7,400 – 18%+ rise in just several days. The exact reason behind this price ascension is not really clear, which might indicate that it has more to do with strong technical indicator signals rather than particular cause.
Coincidentally or not, more reputable investors and experts also expressed their optimism regarding Bitcoin over the past few days.
The billionaire co-founder of Avenue Capital Group, Marc Lasry stated in an interview that he believes that as Bitcoin will get more into the mainstream and will get into more markets that will make it more freely tradable, the Bitcoin price could reach a range of 20,000-$40,000. Lasry also added that he had begun investing in Bitcoin a few years ago (which turned out to be a spectacular investment) and invested even more recently; Lasry invested with his own private capital, and Bitcoin now constitutes as around 1% of his entire fortune, which is estimated at about $1.7B according to Forbes. He further revealed that he especially likes Bitcoin among all other cryptocurrencies because “it’s the one where everybody’s going to come to.”
Another prominent investor who is extremely confident about Bitcoin is the founder and CEO of the venture capital firm Digital Currency Group, Barry Silbert. Silbert asserted that he believes that Bitcoin has “probably hit the bottom for the year,” adding that he “actually put some money into bitcoin last week” – making it an incredibly profitable trade so far. He additionally conveyed his unwavering confidence in the digital currency by affirming that “as an asset class [Bitcoin] is here to stay … I’m 100% confident a decentralized, non-fiat form of money is here to stay.” Digital Currency Group is a firm that heavily invests in Blockchain and crypto-related companies – 129 public investments to date.
Lasry and Silbert join a steadily growing list of eminent investors who are positive about Bitcoin’s future. The Wall Street strategist Thomas Lee stated that Bitcoin could reach $25,000 by the end of 2018; TenX cofounder, Dr. Julian Hosp, believes it might get to $60,000 at the same period; and John McAfee famously professed that he would eat his own genitalia if Bitcoin wouldn’t get to $1 million by the end of 2020.