James Altucher, an American venture capitalist, best-selling author, and former hedge fund manager, recently revealed that he’s standing by his $1 million Bitcoin (BTC) price prediction – which he first made in 2017.
Altucher, a Carnegie Mellon and Cornell University graduate, stated during the historic crypto bull market in 2017 that the flagship cryptocurrency’s price would hit the $1 million mark by 2020. The entrepreneur and podcaster reportedly made the bullish price prediction when bitcoin was trading at around $11,000.
Million Dollar Bitcoin Price is Possible if It Replaces Paper Fiat Money
According to Altucher’s most recent statements, a million dollar bitcoin price is quite possible if the pseudonymous cryptocurrency is able to replace the amount of paper fiat money in circulation. In order to reach these price levels, however, bitcoin transactions would have to be accepted by most merchants and the leading digital currency would have to be recognized as a universal medium-of-exchange (MoE).
Altucher, a contributor at the Financial Times and Wall Street Journal, remarked:
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 cryptocurrency, 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.
Tim Draper Predicts $250,000 BTC Price By 2022
In May 2019, legendary billionaire venture capitalist Tim Draper argued that bitcoin would capture “a 5% market share of the earth.” During an interview with FOX Business (at the SALT Conference in Las Vegas, Nevada), Draper had said he believes bitcoin will be far more valuable than it currently is within the next four years.
According to Draper, bitcoin is far superior than fiat currencies as it’s “decentralized, open, [and] transparent.” Earlier, in November 2018, Draper reaffirmed his stance that the bitcoin price would skyrocket to $250,000 by 2022. Per the Founder of Draper Associates, those who invest in bitcoin right now will be rewarded with at least a 40x return on investment (ROI) in the coming years.
McAfee Also Predicts Million Dollar Bitcoin Price
In August 2018, John McAfee, the creator of McAfee Antivirus, also confirmed that he was sticking to his $1 million bitcoin price prediction by 2020. The eccentric 74-year-old crypto enthusiast had also predicted that bitcoin would “continue to grow and the U.S. dollar and other fiat currencies will devalue.”