Venture Investor: Use of Bitcoin as Hedge Against Uncertainty Will Send it to 7 Figures
Entrepreneur, investor, and author James Altucher is one of a growing number of individuals who believe Bitcoin will astound the planet with its price in the relative short-term. Appearing on Kitco News earlier, he stated that a $1 million dollar Bitcoin was indeed possible by 2020.
Altucher bases his speculations on the rising levels of geopolitical instability around the world today, as well as increases in general Bitcoin acceptance from the likes of Whole Foods and others.
Could BTC Be On Track for $1 Million by 2020?
A $1 million dollar Bitcoin by the year 2020 might sound like an absolute pipe dream. However, for some, it is as good as an inevitability. Venture investor, entrepreneur, and author James Altucher is one amongst their ranks and has been since 2017.
In an interview with Kitco News, Altucher reaffirmed that it was indeed possible but the timeline was so uncertain that one can’t rule out a seven-figure Bitcoin by 2020. In his reasoning, he states that his opinions from 2017 haven’t changed. He still holds that crypto assets solve many of the problems of fiat currency – excessive inflation caused by reckless currency printing, privacy, and the potential for counterfeiting are just a few of those issues.
Altucher believes that it is inevitable that these genuine crypto assets that offer some benefit over the current system will increase in value:
“Long-term, all cryptocurrencies that are safe and not scams are going to go up.”
In his 2017 interview, Altucher stated that he felt 95 percent of all crypto assets were scams and has since reasoned that the number of them collapsing is evidence that he was correct.
When addressing the short-term outlook for Bitcoin, Altucher spoke about the geopolitical turmoil in the world today. Brexit, trade tariff wars, and rogue states such as Iran were all mentioned as factors contributing to the global instability the author and entrepreneur believes is already driving and will continue to drive Bitcoin up.
When explaining the recent rally, he states:
“It’s a flight to safety and there’s a lot of companies now announcing that they’re going to be accepting it.”
So, What About That 2020 Million Dollar Bitcoin?
Perhaps the most interesting part of Altucher’s interview was when he directly addressed his earlier million dollar price call. In 2017, he stated words to the effect that he wouldn’t be surprised if Bitcoin went to $1 million by 2020.
When asked if he still held that view, he confirmed that indeed he did and that $1 million might even be a healthy discount for a single unit of the digital asset.
To justify his seemingly wild possible Bitcoin price, Altucher stated that there is about $200 trillion in paper currency out there today. He compared this to the market capitalisation of all of crypto – less than $267 billion. Whilst the percentage difference isn’t quite the 200,000 he stated, it’s not far off. He continued:
“That could give Bitcoin a price of, I don’t know, $8 million. So, $1 million is actually a discount on where it could go.”
He continued, stating that whilst he doesn’t know when it will get there, the general trend will take it to prices unthinkable almost unthinkable today.
When pressed on whether he still thought it was possible to sell a single Bitcoin for more than $1 million specifically by 2020, he confirmed that he did think it possible:
“Will it be $1 million in 2020? Maybe. Will it be 2021, 2022, who knows? At some point, some country, their currency is going to collapse, who knows which country it will be – Argentina, Iran, many countries in South America are a potential… The population of that country will say, ‘Let’s all move to Bitcoin, and then you’re going to see mass adoption.”
Whilst Altucher hasn’t put quite as much on the line for his $1 million Bitcoin call as John McAfee, he clearly feels that given the right conditions, the rise to enormous prices will be swift. The necessary collapse of a national currency that he believes will send prices skywards could happen at any time and a sudden increase 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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