The CEO and co-founder of hedge fund Avenue Capital Group Marc Lasry harbors one regret over his Bitcoin investment.

In a new interview with CNBC, Lasry who is worth approximately $1.8 billion says that he ought to have purchased more Bitcoin when it was trading lower.

“I think the probability as more and more people keep using Bitcoin, it’s going to keep moving up. But, yeah, it’s happened a little bit quicker than I thought it would. I should have bought a lot more. That’s my mistake.”

When Bitcoin was trading below the $8,000 level three years ago, Lasry predicted that it could hit $40,000. The hedge funder explains that his prediction was predicated on institutional investors entering the space and driving up Bitcoin’s price.

“…once a market is created, it’s there. That to me was the reason why I thought it was interesting on Bitcoin. And I thought that as soon as you had institutional investors coming in, the price would move up.”

Lasry adds that he is currently clueless as to where Bitcoin’s price is headed, adding that it is anyone’s guess as to whether BTC heads higher or lower off current prices. At the time of writing, the flagship cryptocurrency is trading slightly above $37,000.

“I think today, I honestly don’t know where it’s going to go. But you’ve got that market, it’s there. I can make an argument it could go to $100, $100,000. I could make an argument it could go to $20,000.”

In addition to purchasing Bitcoin individually, Lasry also invested in cryptocurrency investment firm BlockTower Capital earlier this year independent of his hedge fund.

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• Bitcoin recorded the biggest gains in the past two weeks overnight to hit $37,500 after looking dangerously close to breaching $30,000.
• The crypto shot up after El Salvador confirmed it had officially adopted it as legal tender, but the U.S Congress and more bearish news from China hang over its near future.

After weeks of worryingly bearish trends, Bitcoin has finally managed to turn the corner and start hitting the gains it’s become known for. On Wednesday night, the top crypto gained over 9 percent, its highest daily gains since May 24. This followed El Salvador officially adopting it as legal tender and continued worrying economic outlooks in major economies. However, it’s not yet time to pop the champagne, with U.S regulatory concerns and China’s continued crackdown casting a dark shadow on the industry.

Bitcoin turns a corner, but unable to hit $40,000

The past month has been bleak for Bitcoin. On May 10, the crypto was trading at $58,000 and was fresh off hitting a new all-time high. All was well with the world. However, since then, it’s been downhill for BTC. The crypto has breached one support level after another, bottoming out just above $31,000.

This changed yesterday after the crypto gained over 9 percent and looked set to test the $40,000 resistance once again. This was its biggest daily gain since May 24. The uptrend came after El Salvador officially revealed it had passed legislation in its parliament for Bitcoin to become legal tender – the first country globally to do so.

RELATED: The Republic of El Salvador approves Bitcoin as legal tender

Crypto analysts revealed that the rise wasn’t a fluke, with some data supporting the ascent. One of these is the amount of BTC leaving the exchanges. Sean Rooney, the head of research at Valkyrie Investments remarked:

One signal in favor of continuation for the current bullish reversal is the amount of BTC seen leaving exchanges from an on-chain perspective.

According to him, this is the highest BTC outflow from exchanges in the entire year. He believes that for Bitcoin to hit $40,000 again, this trend is critical. He added:

What a u-turn. After three years of legal battles and countless of committees, bitcoin may finally be regulated as an asset class in India.

“We can definitely say that the new committee which is working on cryptocurrencies is very optimistic on cryptocurrency regulation and legislation,” Ketan Surana, Director and chief financial officer at Coinsbit, and Member of the Internet and Mobile Association of India said before adding:

“A new draft proposal will soon be in the Cabinet, which will look into the overall scenario and take the best step forward. We are very hopeful that the government will embrace cryptocurrencies and blockchain technologies.”

A local paper, the New Indian Express, says according to “top sources” the government of India is no longer hostile to cryptos and will most likely classify Bitcoin as an asset class in India soon.

Once they do, the Securities and Exchange Board of India (SEBI) will oversea cryptocurrencies which are to have capital gain taxes under the Income Tax Act.

The crypto bill that makes all this possible is likely to be tabled in Parliament when the new season starts in July.

So making India in effect a friendly jurisdiction for cryptos similar to much of Europe and America with Reuters reporting global exchanges are already eyeing an entry into the Indian market.

They say U.S.-based Kraken, British Virgin Islands-based Bitfinex and rival KuCoin are already actively scouting the market according to unnamed sources.