'$1 million BTC is a discount to where Bitcoin could eventually go'

01 Jun, 2019
by Joeri Cant
Bitcoin
'$1 million BTC is a discount to where Bitcoin could eventually go'

Best-selling author and former hedge fund manager, James Altucher, is claiming that $1 million per Bitcoin is a discount to where BTC could eventually go, which is up to $8 million!

Best-selling author, and managing director of Formula Capital, James Altucher, had a sit-down with Kitco News, where he says that he is not backing down from his $1 million Bitcoin prediction that he boldly made back in 2017. 

'Cryptocurrencies, solve in general, many of the problems of paper currencies and fiat money; the fact that there are so many banks and fees and there’s so much potential for human error, when the Federal Reserve prints more money, there’s potential for forgery, there’s privacy issues, cryptocurrencies solve a lot of the problems of fiat money and that long term story is still intact', Altucher said.

When the former hedge fund manager, is asked about his 2017 $1 million Bitcoin prediction, he says he is still sticking to it.

'How much paper currency is out there?', Altucher asks.

Answering the question himself, he states that there is about $200 hundred trillion dollars out in the world.

'There is only about $200 billion dollars of crypto currency, so that is 100,000% 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.'

Although in 2017, Altucher claimed BTC could reach the 1 million dollar by 2020, today he seems to admit that this timeframe to reach this astronomical amount has gone out of the window.

'When it gets there, who knows', he said.

Altucher isn't the only one who believes Bitcoin can reach $1 million.

Security expert and 2020 presidental candidate John McAfee, made his one million dollar prediction on July of 2017, while Bitcoin was still priced at $2,244, and Jesse Lund, the vice president of blockchain and digital currencies at IBM, shared his very bullish view on the future value of the world's most popular cryptocurrency, by stating that 'BTC will be $1 million someday'.

Although, $1 million per BTC already seems outrageous, some take it a few steps further.

Asset management firm Lucid Investment Strategies seems to take the $1 million per Bitcoin prediction even a few steps further. They suggest that one BTC could one day be worth $10 million, if the world turns to crypto as a solution to the global debt crisis.

'If Bitcoin was chosen as a solution to the global debt problem, this could see it grow by around 3000% to be worth $10 million. It would have a total market cap of between $180 trillion and $210 trillion', he said.

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