James Altucher predicts bitcoin will reach $1 million by 2020

in bitcoin •  7 years ago 

[Summary]

  1. Outspoken libertarian and MGT Capital Investments CEO John McAfee tweets he predicts bitcoin will reach $1 million by the end of 2020, double his previous forecast.
  2. "I'll say $1 million by 2020, as well, easily," James Altucher says on CNBC's "Squawk Alley." "There's 15 million millionaires around the world. All their financial advisors are going to say, 'Hey, buy a bitcoin. You need some exposure."
  3. Bitcoin hit a record high of $11,377.33 earlier in the day, according to CoinDesk.

[notes] James Altucher: Self-help guru and former hedge fund manager

[source] https://www.cnbc.com/2017/11/29/james-altucher-predicts-bitcoin-will-reach-1-million-by-2020.html

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McAfee knows what he’s talking about.

  ·  7 years ago (edited)

Funny enough, if you exclude the bitcoins that are lost in forgotten wallets (or the keys are stored in a hard drive sitting in some landfill), 15 million millionaires all trying to buy a single bitcoin would not be able to, there's just not enough in circulation.

John MacAfee (Curse his soul for creating the MacAfee virus that infects every pre-built computer) is a smart guy, and James Altucher's comment really points out the logic of the prediction.

If every millionaire in the world wanted to buy a Bitcoin there would be less than one for each. Not to mention the fact that people have already hoarded them and many non-millionaires own BTC right now.