Billionaire investor Marc Lasry told CNBC in Thursday that he should’ve bought bitcoin when it had been at $300 just a couple years ago.
The cryptocurrency, which started 2017 below $1,000 per unit, blasted through $19,000 on Thursday, surging more than $7,000 in less than two times on Coinbase, a main trading platform.
But Lasry said on “Squawk on the road” that he took another shop around the $9,000-$10,000 level just a few weeks ago.
“I wanted to start ordering it personally,” said Lasry. “Then I was like … ‘I’ll merely wait for it to take a little dip.’ And it hasn’t taken a dip. … I will have obtained that thing.”
The overall pace of bitcoin gains has accelerated in recent weeks prior to the release of bitcoin futures on the CME and Cboe.
The rapid advances have prompted some market participants to warn of a bubble.
Lasry said he does not are convinced the digital currency is a “fraud,” while JPMorgan Chase Chairman and CEO Jamie Dimon has claimed. “I believe it’s serious,” Lasry told CNBC on Thursday.
“Look, I don’t understand it,” Lasry admitted. “I simply sort of looked at it and said it seems such as a fresh currency is being created.”
“The reason you’re seeing this big run-up during the period of the last little while is … it’s getting into the mainstream,” he added.
Lasry’s day task is working the distressed debt investment firm that he helped start, Avenue Capital Group, which includes about $9.8 billion in assets under management.
He also owns a stake in the NBA’s Milwaukee Dollars.