‘$1 million BTC is a discount to where Bitcoin could eventually go’
Best-selling author and former hedge fund manager James Altucher is not backing down from his $1-million-dollar bitcoin call that he boldly made back in 2017.
His timelines may be a little different however.
Altucher made the call two years ago when bitcoin was trading around $11,000, he called for the crypto to hit $1 million by 2020.
Now just one year away from that mark, Altucher said if bitcoin ends up replacing paper currency that the call 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 crypto currency, 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 explained in an interview on Thursday.
Over the past two months, the cryptocurrency market has seen the bitcoin price double, rallying from $4,200 to $8,600. On Thursday, bitcoin extended its rally past a new milestone, clearing the $9,000 barrier to set a fresh 12-month high to only come back down $500 dollars minutes later.
Altucher is a Top 10 LinkedIn Influencer, the author of the bestselling book “Choose Yourself” and the managing director of Formula Capital
Bitcoin last traded at $8,413.25 a coin as of 10:00 am EST on Friday
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![Chinese police in the city of Guangdong have arrested hundreds of individuals involved in online gambling platforms that facilitated betting with $1.5 billion in cryptocurrencies including bitcoin. A sweeping law enforcement operation involving 21 public security authorities in Guangdong has cracked down on organized football gambling during the ongoing football World Cup, resulting in the arrests of some 540 individuals suspected of organizing online gambling rings. Gambling is illegal under Chinese law and the very act of participating in online gambling or facilitating/opening a gambling platform brings criminal liabilities. In an announcement, the Guangdong Provincial Public Security Department narrowed down on a specific unnamed online gambling platform that facilitated over RMB 10 billion ($1.5 billion) in cryptocurrency betting. The gambling platform promised support for betting in Bitcoin, Ethereum’s Ether token and Litecoin, the announcement said. In the 8 months since its launch, the gambling platform attracted over 330,000 members. Authorities accused the platform of amassing profits through a pyramid scheme that encourages members, or ‘agents’, to bring in others to raise their own commissions. Further, the bookmaker also allegedly manipulated the online betting odds in proportion to the size of the bets to allow a small number of people to win, authorities claimed. Authorities have also arrested ‘six key members’ behind the gambling platform across China, frozen assets of over RMB 5 million and confiscated cryptocurrency worth over RMB 10 million (approx. $1.5 million). Severs, computers, smartphones and bank cards were also seized during the crackdown which has seen authorities shut down seventy mobile apps and websites alongside 250 online chat groups overall. “[This case] is the most representative [example] of a new form of online football gambling,” the Guangdong authority added. Meanwhile, the World Cup final is due to be contested between France and Croatia, the latter the underdog, this Sunday. Odds?](https://walesexpress.com/wp-content/uploads/2018/07/security-cryptocurrencies-ico-red-card-regulation-stop-760x400-100x70.jpg "World Cup: Chinese Police Crack Down on $1.5 Billion Bitcoin Gambling Ring")
