Pundits including self-help guru and former hedge fund manager James Altucher and MGT Capital Investments CEO John McAfee are already predicting the fabled $1 million dollar Bitcoin as soon as 2020.
Self Help Guru, hedge fund manager, and top LinkedIn influencer James Altucher spoke to CNBC’s “Squawk Alley” predicting that Bitcoin could easily get to a $1 million valuation by 2020:
I’ll say $1 million by 2020, as well, easily. There’s 15 million millionaires around the world. All their financial advisors are going to say, ‘Hey, buy a bitcoin. You need some exposure.
Wences Casares’ Prediction
Xapo CEO Wences Casares, who is also a member of PayPal’s board of directors, joins an elite few who are bold enough to make claims on the still further potential gains of the world’s best-known cryptocurrency. Casares made his claim earlier this year at the Consensus 2017 event, where he advised attendees to invest 1% of their wealth in the currency and forget about it for 10 years.
— SusanPoole (@BitCoinSusan) May 23, 2017
It is potentially a winning strategy, with a realistic outlook in regards to initial outlay that’s not hard to fault especially if his bullish prediction of $1 million USD is realized.
John McAfee on Bitcoin
MGT Capital Investments CEO and anti-virus pioneer John McAfee has long been a vocal proponent of Bitcoin – and cryptocurrency as a whole. His comments have ranged from the insightful to the controversial to the downright weird.
McAfee, who had once predicted that Bitcoin would reach $500,000 by 2020 or he would “eat [his] own dick on national TV” amended his original estimate saying that his original prediction model didn’t account for this year’s unprecedented growth. Based on current prices and, presumably, a new model, he too backs the $1 million by 2020 claim:
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
This kind of bullish sentiment is really flying in the face of those decrying Bitcoin as a bubble. While the currency has always been volatile, accusations of a Bitcoin bubble have yet to bear fruit. That hasn’t stopped experts from making that claim, however, including Nobel-prize winning economists Joseph Stiglitz and Robert Schiller who both have identified Bitcoin is in a bubble.
How do you feel about predictions for Bitcoin reaching as much as $1 million? Is it too much to dream, or far too conservative? Let us know what you think in the comments below.
Images courtesy of Xapo, Pexels, Reuters/Jim Urquhart