Digital Assets: James Altucher’s 2020 Bitcoin Prediction Will Miss by More Than $992,000

December 31, 2019 | Digital Assets, Investments, News

The former hedge fund manager still thinks that “$1 million Bitcoin” is possible.

James Altucher is best known for his hedge fund, his Choose Yourself messaging, his iconic hair, and an ultra-bullish stance on Bitcoin.

The former hedge fund manager’s crypto-newsletter advertisements also followed readers around the internet.

Altucher further famously claimed in late 2017 that Bitcoin would hit $1 million by 2020. It doesn’t look like that prediction will happen by Wednesday.

CNBC personality Carl Quintanilla Tweeted on Dec. 27 that just four days remained for the prediction to come true. At the time, Bitcoin would need to appreciate in value by more than 13,700%. Assuming that Bitcoin remains below $8,000 through Wednesday, Altucher’s prediction will have missed by $992,000. 

James Altucher Bitcoin Prediction

In 2017, Altucher argued that institutional and high-net-worth individuals would push Bitcoin from $11,000 to his seven-figure claim.

“There’s 15 million millionaires around the world,” he said at the time. “All their financial advisors are going to say, ‘Hey, buy a bitcoin. You need some exposure.’”

Recently, Altucher pushed out his initial projection and suggested that it could reach those levels in the near future. In a recent Kitco Interview, Altucher stated that Bitcoin replacing paper money is still not out of the question.

“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,” Altucher said in the interview.

Altucher isn’t the only person who has made a $1 million Bitcoin prediction. John McAfee also famously promised to do something quite anatomically questionable on television if it doesn’t hit $1 million by December 31, 2020.

Recent: Hedge Fund Billionaire Bill Ackman Looks for 50% Returns in 2019

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