Former hedge fund manager and best-selling author, James Altucher, is holding still on his prediction that the price of Bitcoin will hit $1 million. However, his timing is a little bit different this time.
James Altucher: Bitcoin at $1 Million
Popular best-selling author and former hedge fund manager James Altucher came out in 2017, saying that Bitcoin is going to reach $1 million by the year 2020. According to him back in the days, wealthy investors were supposed to buy Bitcoin because they will “need some exposure.” He also reiterated on the fact that Bitcoin is predetermined in terms of overall supply as there will only be 21 million of the cryptocurrency ever created, driving the demand higher.
Now that we are six months away from 2020, Altucher has spoken again. He still holds that Bitcoin will hit $1 million but now he’s also putting conditions.
The former hedge fund manager said that this is going to be possible and out of the question if Bitcoin ends up replacing traditional paper currency.
How much paper currency is out there…it’s about $200 hundred trillion dollars out in the world, and there is only about $200 billion dollars of cryptocurrency, so that is 100,000 percent from here. So that could give bitcoin a price of $8 million dollars, so $1 million dollars is even a discount to where bitcoin could eventually go. When it gets there, who knows. – Said Altucher.
And while it certainly seems likely that Bitcoin’s value will explode, should it become a replacement for paper currency, this surely is one very big “if.” And if one thing is definite, it’s that we are a long way from that to happen.
Other Predictions on Bitcoin’s Price
As we all saw, May has turned out to be a great month for Bitcoin, as its value skyrocketed definitively. This momentum has caused quite a few people to come out and to put predictions on its price.
Earlier this month, long-term bitcoin proponent Max Keiser, host of the Keiser Report, said that fundamentals, as well as momentum-term monetary policies, have contributed to the bullish environment for Bitcoin. He held strong on his prediction that the cryptocurrency is on his way to $100,000.
With one of the biggest Bitcoin-related events closing in, namely – the Bitcoin halving, people have also started to base their prognosis on that as well. Bitcoin market analyst PlanB has recently shared an interesting chart which places the price of Bitcoin in the range of $55,000 sometime in 2020 or in 2021.
In any case, it’s worth noting that those predictions coming out with huge numbers are oftentimes for not. As such, it’s very important to make your trading strategies based on solid fundamentals and informed decisions, rather than to depend on various prognosis because they abound in all shapes and forms.