The recent bull run exhibited by Bitcoin [BTC] and altcoins stunned cryptocurrency traders as well as institutional investors. Bitcoin’s [BTC] valuation has always been a subject of wild guesses and predictions. As the king coin continued to exhibit upward momentum and breach key levels, speculators and analysts in the space put forth their many predictions. A significant portion of them speculated a potential pullback and even a subsequent crash, while others predicted that the king coin would skyrocket.
In a recent interview, James Altucher, former hedge fund manager and author, backed his previously made predictions of Bitcoin hitting a meteoric $1 million in 2020. This time however, there is a slight change in the timeline of the said rise.
Reiterating his previous comment, author of the best-selling “Choose Yourself,” said that his Bitcoin prediction will hold true only if it replaces paper currency.
Talking about BTC replacing fiat, the author said that the largest cryptocurrency is scarce as compared to the latter, which can potentially drive up demand. His words were,
“How much paper currency is out there…it’s about $200 hundred trillion dollars out in the world, and there is only about $200 billion dollars of crypto currency, so that is 100,000 percent 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. When it gets there, who knows”
Back in 2013, Altucher thought Bitcoin was a scam, which he admitted in a blog. In the same post, he had also noted that there are several problems associated with paper money. He added that a US Dollar is a “piece of paper,” just like “gold is just a rock.”
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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.