James Altucher: Bitcoin At $1 Million By 2020 Is Still Possible

[Slow death]

the guy said this:

Altucher said if bitcoin ends up replacing paper currency that the call is still not out of the question.

this is not an absurd prediction in the context in which he said:

“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,”

Let's be honest here, we all know that bitcoin won't reach that price...

the guy said "if". this is a condition

[omonuyak]

I am aware that there some people who think that James Altucher has no reputation to start with and that we should not listen to whatever he is saying no matter how positive it can be for bitcoin. But then again, maybe we should give him some space to make his point. In one of his latest interviews, he talked about enlightening things worth of our time, I guess.

"Best-selling author and former hedge fund manager James Altucher is not backing down from his $1-million-dollar bitcoin call that he boldly made back in 2017. His timelines may be a little different however. Altucher made the call two years ago when bitcoin was trading around $11,000, he called for the crypto to hit $1 million by 2020."

https://www.youtube.com/watch?v=I4xbUCcZqP0

I still believe that some of this bullish speculators are seeing something that many of us are not seeing and since they keep insisting that by 2020 bitcoin will be going high to as mush as $1,000,000 I think it is advisable for us to keep "fingers crossed" and see what will happen and how it is going to be.

[boyptc]

His call was earlier than John McAfee's but it's with an if.

--

^^

Haha, he changed his mind. 

[gentlemand]

It's possible, as is anything else, I'm not sure whether it's actually desirable. If it were to be that fast it would probably stick around at that price for approximately 10-20 minutes and then plunge into beariness that lasted way longer than anything we've seen so far.

The more violent the rise, the more grinding and dispiriting the fall. I for one would attempt to be long gone if it happened but the blockchain and every exchange would be so utterly seized you'd be very lucky to fully capitalise on it.

[5ensei]

Nothing is impossible but this is very unlikely. The world economy is not a complete mess yet but it is heading that way with all that quantitative easing taking place and no way of paying back all of those loans

[fabiorem]

It's possible, as is anything else, I'm not sure whether it's actually desirable. If it were to be that fast it would probably stick around at that price for approximately 10-20 minutes and then plunge into beariness that lasted way longer than anything we've seen so far.

The more violent the rise, the more grinding and dispiriting the fall. I for one would attempt to be long gone if it happened but the blockchain and every exchange would be so utterly seized you'd be very lucky to fully capitalise on it.

Its not desirable. The bear market would be severe after this spike, and would collide against the halving 4-year cycle, coming earlier at 2020 (instead of 2021). Since I discarded the cycle model, I believe it can happen, but its not desirable.

And as you pointed out, you would not be able to cash it out. The exchanges would not have enough fiat money for it. Only some whales with inside information would be able to cash out, provoking panic and bringing a new crypto winter. Exchanges would surely crash, some could be seized by governmental agencies. The whales cashing out could have some problems with authorities too, due to taxes and stuff like "origin of funds".

Not only that, the hype would bring the nocoiner brainlets to crypto, and they would be very angry at bitcoin after it plunges 90%. Even if the price recovered, with the potential to reach 1 million and stabilize right there, the well-know envy of the nocoiner would be higher, and holders could be hunted in some places. Even the security guards the holder hired could hit him with a $5 wrench to get his private keys. A dangerous situation.

[Indrawan77]

I doubt about the price could reach that high in just a year, even if the bitcoin does replacing paper currency it will still difficult for bitcoin for reach that number, let just make sure bitcoin grow well and stable, if its not dropping below 6k then it's already a good improvement, if it can reach another ATH then it's already a good achievement, one million is still a very big number, it wont be possible in a short time

[gentlemand]

I doubt about the lrice could reach that high in just a year, even if the bitcoin does replacing paper currency ut will still difficult for bitcoin for reach that number, let just make sure bitcoin grow well and stable, if its not dropping below 6k then it's already a good improvement, if it can reach another ATH then it's already a good achievement, one million is still a very big number, it wont be possible in a short time

The price is entirely set by what exists on exchange order books. There'll be coins for sale at $1 million waiting there right now to be filled. One drunken moron could do it in one morning of hammering their buy button.

Obviously that's not sustainable but any method of getting there in that short a time is not sustainable either.

[Febo]

Bitcoin At $1 Million By 2020 Is Still Possible

It is possible, but it will not happen since chance is so tiny. Most likely we will see a $1 Million Bitcoin only in fourth decade of the 21th century.

[pushups44]

For bitcoin to hit $1 million, it would have to be the global reserve currency taking the place of the U.S. dollar and gold, which is unlikely any time soon. I could see that possibly happening by 2025 or 2030, but while it can happen by 2020, it is highly improbable to put it nicely.