As bitcoin roars past $11,000, predictions on the digital currency’s future value are getting wilder.
On CNBC today, James Altucher, Formula Capital, and Spencer Bogart, Blockchain Capital, both agreed with John McAfee that bitcoin could reach $1 million by 2020.
Yes, $1 million “Easily,” Altucher said.
Bogart responded, “It seems reasonable though I’m not putting out so many price targets these days. That seems reasonable. Listen, as with most technology shifts let’s think about what young people are doing.”
Bogart added 32% of young people say they prefer bitcoin to stocks. 42% of millennial males said they plan to purchase bitcoin in the next five years. “We’re barely in the first inning right now.”
There are 15 million millionaires around the world Altucher said. “All their financial advisors are going to say hey, buy a bitcoin. You need some exposure.”
Because there’s only going to be 21 million bitcoins minted that’s going to also drive the value, Altucher added.
Photos James Altucher courtesy CNBC.com, Spencer Bogart via LinkedIn