Bitcoin Will Hit $1 Million by 2020: James Altucher

Former hedge fund manager James Altucher has given Bitcoin his vote of confidence, claiming the digital currency will reach $1 million by the end of 2020.

Earlier today, MGT Capital Investments CEO John McAfee tweeted that he expected Bitcoin to hit $1 million by the end of 2020. McAfee has been an ardent supporter of Bitcoin, which he claims is a threat to banks and other traditional financial institutions.

Altucher backed McAfee’s prediction while speaking to CNBC:

“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’.”
“There's only going to be 21 million Bitcoins minted ever in history. That's also going to drive demand,” Altucher added.

Other prominent figures who’ve expressed confidence in Bitcoin’s future include hedge fund manager Mike Novogratz, who has predicted that the cryptocurrency will reach $40,000 by the end of the next year.

Bitcoin has seen a meteoric rise in the past few weeks, breaking barrier after barrier to hit a record $11,377.33 this morning. The cryptocurrency, which has undergone an increase of more than 900% since the start of the year, has been blasted by critics who label it a bubble that will end badly, but Bitcoin has managed to recover from the criticism and negativity each time.

Supporters of Bitcoin will be banking on this resilience as the digital currency, which currently dropped by more than 18% following its bull run to $11k, slowly makes its way back up. Bitcoin is currently trading at $10,220 (at press time), and there are hopes that the upcoming launch of CME’s Bitcoin futures (pending regulatory review) will help lower the volatility that is keeping institutional investors on the sidelines.