James Altucher predicts bitcoin will reach $1 million by 2020
[Summary]
- 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.
- "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."
- 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
McAfee knows what he’s talking about.
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.