James Altucher is a kind of eccentric tech investor and stock picker. He’s got a Howard Sternesque hairdo, and he’s someone whom CNBC sees fit to interview about what he thinks the future holds in store for Bitcoin and other cryptocurrency.
He’s got some WILD predictions, indeed!
James Altucher makes some interesting predictions, and we must say that these are only predictions, and even smart rich people don’t predict things correctly all of the time, so take them with a grain of salt and only for mild guidance, okay?
Here is a video from CNBC where they interview James Altucher, Formula Capital managing director, and Spencer Bogart, Blockchain Capital managing director.
Let’s get down to the predictions.
- At least one country’s currency is likely to fail soon — likely Argentina or Venezuela. This will lead to mass adoption of bitcoin among that populace. That will in turn lead to bitcoin rising by more than $50,000 when it happens.
- Mainstream banks will accept bitcoin, and will start offering storage and software access. They will also create cryptocurrency derivatives — as the CME is about to start doing.
- Despite the optimism, there will be a massive wipeout, and 95 percent of the alt-coins out there will go away — just like the dot-com bust. The surviving coins will go up a ton. This will happen within next four-six months.
- The U.S. government will secretly start accumulating one of the smaller cryptocurrencies to make it easier for gray-area transactions with other countries. This has already started happening but will really start to ramp up in 2018.
- China will invest heavily in another cryptocurrency, but probably not bitcoin. China will want to have a cryptocurrency that is competitive with bitcoin, but under its centralized control. This will, in general, provide legitimacy to all cryptocurrencies.
- One big problem with cryptocurrencies now is their volatility. At least one — basecoin — will likely dramatically reduce that in 2018.
- More companies will pay freelancers with crypto, which will lead to calls for tax reform. There will need to be greater regressive sales taxes, which will ultimately require government cuts and eventually less power for national governments. This is a long-term prediction.
- In the same way the internet changed the monopolistic phone industry, crypto will change the monopolization of government-backed money.
- A new government organization will be created to analyze regulation on cryptocurrencies. This will, ironically, lead to a huge upswing in bitcoin and coins that provide actual utility.
- Thousands of crypto companies will be created and go public, but only a few will be massive successes.
The thing to remember here, the major takeaway, is that Bitcoin, Cryptocurrency, and Blockchain are NOT GOING ANYWHERE and will just INCREASE in popularity and usage as time progresses.
THAT is what you need to know, and, you know, despite current prices, you can get in now and get started with all of this.
James Altucher is not telling me anything that I don’t already know about the fact that Bitcoin is headed for greater and greater importance, but his other predictions that are related are interesting to say the least.
The fact that government will take an increasing interest will actually make Bitcoin stronger, not weaker. The price pressure will go up, not down, as a result.
Government monopolization of money’s days are coming to an end.
Many alt coins will fizzle but a few will grow.
It’s also interesting to see what James Altucher owns in the cryptocurrency space, and those would be bitcoin, ethereum, litecoin, zcash and filecoin.
So, if he is saying that most alt coins will die out and only a few are left, it’s good to see the ones that he actually owns.
The one about a major government currency will collapse and the citizens will start using Bitcoin… That one has me curious because whether it’s Venezuela or Argentina, how are regular citizens of either of these countries going to massively use Bitcoin, and who is going to be accepting Bitcoin as payment for goods and services locally? Are the local vendors in these countries even set up to accept Bitcoin, and even if they are, how are the older or non techie people going to cope? That one seems a bit far fetched to me, purely for logistical reasons. Maybe James Altucher is just so in a rich techno bubble himself that he assumes that all of these masses of people in these other countries have the knowhow and equipment to conduct all of their finances and shopping in Bitcoin. SMH.
I thought that it was interesting that he didn’t mention Ripple (XRP), the “banker’s coin”. Ripple will make bank to bank transfers fast and easy, even internationally, and it can work with multiple cryptocurrencies as well.
You can take predictions from smart people like this and use them as guidance as you plot your path through the minefield of this new digital currency revolution. I listen to another popular guy all the time and his entertainment value alone is worth the listen.
You have to get in the game though so at least get your onramp set up and you can move forth from there once you establish your initial account in order to get into this game before the rest of the planet catches on.