James Altucher for Kitco News TV: Bitcoin at $1 Million Is Not Out of the Question
James Altucher, editor at Choose Yourself Financial, best-selling author and former hedge fund manager, appeared on Kitco News TV to discuss the possibility of bitcoin reaching $1 million.
“[Bitcoin] should partially or completely replace paper currency in the long run,” said Altucher. “How much paper currency is out there? About $200 trillion worth of paper currency is in the world. And there’s only about $200 billion of cryptocurrency. So that’s 100,000% from here. You know, that could give bitcoin a price of $8 million. So $1 million is even a discount to where bitcoin could eventually go.”
Altucher continued that the date of when that happens is arguable but he believes eventually some country’s currency will collapse and then there will be mass adoption.
Find the full broadcast here.
For more advice from Altucher, click here.