Bitcoin at $1 Million is Not Out of the Question, Says James Altucher
Best-selling author and former hedge fund manager James Altucher is not backing down from his $1-million-dollar bitcoin call that he boldly made back in 2017.
His timelines may be a little different however.
Altucher made the call two years ago when bitcoin was trading around $11,000, he called for the crypto to hit $1 million by 2020.
Now just one year away from that mark, Altucher said if bitcoin ends up replacing paper currency that the call is still not out of the question.
"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 crypto currency, 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," Altucher explained in an interview on Thursday.
Over the past two months, the cryptocurrency market has seen the bitcoin price double, rallying from $4,200 to $8,600.
On Thursday, bitcoin extended its rally past a new milestone, clearing the $9,000 barrier to set a fresh 12-month high to only come back down $500 dollars minutes later.
Altucher is a Top 10 LinkedIn Influencer, the author of the bestselling book "Choose Yourself" and the managing director of Formula Capital.
You Can't Stop Bitcoin's Global Takeover, Says Max Keiser Wells Fargo Downshifts Gold View; Prices Could Drift Lower Next Market Correction Could Be as Bad as 2001