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

James AltucherImage source: YouTube Video Screenshot

Former hedge fund manager James Altucher is not backing down from his $1-million-dollar bitcoin call. Presented without comment……

Bitcoin At $1 Million By 2020 Is Still Possible And Might Be A Discount Says James Altucher

[REITs]

Q1 hedge fund letters, conference, scoops etc

Transcript

Is bitcoin heading back to its highs and will it ever replace gold as the ultimate commodity. James welcome to the show.

Good to have you in studio. Yeah thanks for having me here. Talking all things today. Yes. Yes. By the way your voice was an octave higher when you started talking to that kind of banker voice. Yes. In the increased octave higher increases like ability octave lower increases trustworthiness. OK. So let me find a medium ground here. Well you’ve made me want to start high level when you’re serious that is a good tip. James thank you so much. You’re welcome. Welcome to the show. I can go right. That’s all right.

First time you’re on here. Let’s talk about the rally behind bitcoin. Everyone wants to know could we see those highs we once hit.

Sure. I mean there’s a short term story and a long term story the long term story I’ve described in a lot of places. August 2017 I described the long story on CNBC how crypto currencies solves in general many of the problems of paper currencies and fiat money which you’re familiar with the fact that there’s so many banks and fees and there’s so much potential for human error. When the Federal Reserve or the central bank prints more money there’s potential for forgery. There’s privacy issues. So crypto currency solves a lot of the problems of fiat money. And that Longstaff that long term story is still intact. So long term it’s just all crypto currencies that are that are safe and not scams are going to go up and again in a prior interview I mentioned I said ninety five percent of crypto currencies are scams. That was in August 2017 about 80 percent of cryptocurrency since then have gone to zero. So that’s been proven mostly correct in terms of a short term rally. You know there’s so many problems right now with Iran with China and these tariff wars that are happening people are getting hit with Brexit issues. So people are getting afraid of the currencies that they own.

So there’s kind of a flight into other to other types of currencies like Bitcoin or like gold. So gold had had a mini rise but bitcoin is gone up quite a bit it’s gone from like six thousand nine thousand during this time. And I think there’s more to it it’s it’s it’s a flight to safety Bitcoin. And also there’s a lot of you know there’s a lot of companies now announced they were going to accepting and so Whole Foods is accepting it. You know many companies are accepting it. Salesforce.com just announced they’re using. Block chain technology.

While a lot of people would say that this this run up is thanks to the institutional players coming on board a U.S. online brokerages that are looking to offer Bitcoin in 2019. So do you agree with that statement that that’s yeah it’s here.

That’s certainly part of it. Think about a year ago the FCC started saying no no no. You know we need to look at this. I thought that was a great sign. Now Bitcoin collapsed after that. But you want your regulators to kick out all the scams. You want some cleansing of any sort of financial innovation. So now finally they’re starting to get ready to announce ETF. Fidelity is going to start having an exchange for it right.

And that’s where you have said that you actually see regulation as a good thing. Yeah. KLEIN But let’s talk about the 20 70 interview you did. You also mentioned that you wouldn’t be surprised if Bitcoin could possibly go to a million dollars Yeah by 2020.

Well also I’ll explain the math so so you know if if crypto currencies or let’s say Bitcoin if Bitcoin ends up replacing paper currency and it solves so many problems of paper currency it should partially or completely replace paper currency in the long run. How much paper currency is out there. It’s about two hundred trillion dollars worth of paper currency is in the world and there’s only about two hundred billion dollars of cryptocurrency. So that’s one hundred thousand percent from here. You know that could give bitcoin a price of I don’t know eight million dollars so one million dollars is even a discount to where a Bitcoin could eventually go. Now when it actually gets there who knows. It could be soon. It could be later it could be you know. But but the general direction has been up. So you’re sticking to that call. Well since I’ve made that call. Bitcoins up something like 150 percent. So as long as the direction is good and you’re making money nobody should complain. Will it hit a million dollars in 2020 maybe. Will it be 20 21 20 22. Who knows at some point some country their currency is going to collapse who knows which country will be Argentina Iran any country. Many countries in South America are potential some currency will collapse. The population of that country will say let’s all move to bitcoin.

For exclusive info on hedge funds and the latest news from value investing world at only a few dollars a month check out ValueWalk Premium right here.

Multiple people interested? Check out our new corporate plan right here (We are currently offering a major discount)



About the Author

Jacob Wolinsky
Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

1 Comment on "James Altucher: Bitcoin At $1 Million By 2020 Still Possible"

  1. This was very hard to follow…someone needs to proof read these articles…
    James Altucher is a hard person to follow linguistically bc of how he phrases things…The lack of editing in smoothing over some of this rough terminology makes Altucher seem lofty & naive or t writer looks ametuer in presentation…I agree w altucher..BitCoin is going to go up..its not if, but when. There is so much upside esp for countries not set up like t United States for currencies…they dont have access to banks, & corrupt government practices makes them financially insecure so they love this secure way to hold there funds…BitCoin is also halving again soon so that many less coins will be available…T US investor is very naive to how foreign countries have difficulties for simple things we take for granted. They r so far behind U.S. in currencies…”one money to work in all countries”…what could be better…It is t older generation, locked in thought processes they will not let go & how they complicate Bitcoin. If u have a Venmo wallet it is basically t same thing as a Bit wallet…w/o of course t unfraudable ledger…when I want to send my sister some cash for lunch..I no longer have that outdated process of finding ATM, make withdrawl, give cash to sister, sister makes deposit…With Venmo & BitCoin I can ask for her wallet address & send a string of letters & characters..(just like my banking acct routing, bank acct #)( or debit card #) to her wallet & wala!…its new & uncomfortable to use until u get used to it…what else was intimidating like that? Oh yeah PC laptops :).

Leave a comment

Your email address will not be published.