Entrepreneur, investor and author James Altucher is one of a growing number of people who believe that Bitcoin will amaze the planet with its price in the relatively short term. He previously appeared on Kitco News, stating that a $ 1 million bitcoin was actually possible by 2020.
Altucher bases his speculation on mounting geopolitical instability around the world, as well as the increase in general Bitcoin adoption by companies like Whole Foods and others.
Could BTC be on its way to $ 1 million by 2020?
A Bitcoin worth $ 1 million by 2020 may sound like an absolute pipe dream. For some, however, it’s as good as an inevitability. Venture investor, entrepreneur and author James Altucher is one of their ranks and has been since 2017.
In an interview with Kitco News, Altucher reiterated that although it is possible, the schedule is so uncertain that a seven-digit Bitcoin cannot be ruled out by 2020. In his reasoning, he states that his mind has not changed from 2017. He still believes that crypto assets solve many of the problems of fiat currency – excessive inflation from reckless currency pressures, privacy, and the potential for counterfeiting are just a few of those problems.
Altucher believes that it is inevitable that these real crypto assets, which offer some edge over the current system, will appreciate:
“In the long run, all cryptocurrencies that are safe and not scams will go up.”
In his 2017 interview, Altucher stated that he thought 95 percent of all crypto assets were fraud and has since argued that the number of them is collapsing, proof that he was right.
When addressing the near-term outlook for Bitcoin, Altucher spoke about the geopolitical turmoil in today’s world. Brexit, trade tariff wars, and rogue states like Iran have all been cited as contributing factors to the global instability that the author and entrepreneur believes is already and will continue to drive Bitcoin.
When he explains the recent rally, he says:
“It is a safe flight and many companies are now announcing that they will accept it.”
So what about that 2020 million dollar bitcoin?
Perhaps the most interesting part of Altucher’s interview was when he went straight to his earlier appeal for a million dollar bid. In 2017, he said he wouldn’t be surprised if Bitcoin climbed to $ 1 million by 2020.
When asked if he still holds that view, he affirmed that he actually did and that $ 1 million could even be a healthy discount for a single unit of digital asset.
To justify its seemingly wildly possible Bitcoin price, Altucher stated that there is about $ 200 trillion in paper currency today. He compared that to the market capitalization of all cryptocurrencies – less than $ 267 billion. While the percentage difference isn’t quite the 200,000 he stated, it’s not far off. He continued:
“That could bring Bitcoin, I don’t know, $ 8 million. So $ 1 million is actually a discount on where it could go. “
He went on to explain that while he doesn’t know when it will get there, the general trend will bring it to prices that are unthinkable today, almost unthinkable.
When asked if he still thought it was possible to sell a single bitcoin for more than $ 1 million by 2020, he confirmed that he thought it was possible:
“Will it be a million dollars in 2020? Perhaps. Will it be 2021, 2022, who knows? At some point the currency of a country will collapse, who knows which country it will be – Argentina, Iran, many countries in South America are potential … The people of this country will say: “Let’s all switch to Bitcoin. and then you will experience mass adoption. “
While Altucher didn’t risk quite as much on his $ 1 million Bitcoin call as John McAfee, he clearly believes the surge will come quickly at tremendous prices, given the right conditions. The necessary collapse of a national currency that he believes will drive prices up could happen anytime, and a sudden surge in buying pressure on an asset with a fixed supply can only result in higher prices.
Related reading: The Million Dollar Bitcoin Club and its Uber Bulls
Featured image from Shutterstock.
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