James Altucher is an eccentric looking tech investor and Wall Street maven. He’s got a Howard Stern like hairdo, and he’s someone whom CNBC likes to interview about what he thinks the future looks like for Bitcoin and other cryptocurrencies.
He’s got some very interesting predictions, indeed!
James Altucher formulates some interesting predictions, and it must be stated that these are just predictions, and even intelligent successful Wall Street brain boxes don’t predict things correctly every time, so take them with some salt and only for entertaining guidance, got it?
Here is a video from CNBC where they interview James Altucher, Formula Capital managing director, and Spencer Bogart, Blockchain Capital managing director.
Let’s see 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.
What we want to remember, the major takeaway, is that Bitcoin, cryptocurrency, and blockchain are NOT DISAPPEARING and will just INCREASE in demand and use as time marches on.
THAT is what you need to remember, and, you know, in spite of current pricing, you can still get in now and get started with all of this.
James Altucher is not divulging anything that we don’t know about the fact that Bitcoin is headed for bigger and larger highs, but his other cryptocurrency foretellings that are related are tantalizing to say the least.
There’s also no surprise that he predicts that governments will take an increasing interest BUT this will actually make Bitcoin stronger, not weaker. The price pressure will go higher, not lower, as a result of all of this official scrutiny.
The government monopoly of money is definitely coming to an end. It won’t happen overnight, but it’s coming. The wheels have been set in motion.
Many alt coins will die out but a few good ones will grow.
Seeing what James Altucher owns in the cryptocurrency space is interesting, and those are bitcoin, ethereum, litecoin, zcash and filecoin. (at least now)
If he’s saying that most alt coins will die out and only a few will survive, then it’s good to see the coins that he actually owns.
The prediction about a world government currency collapsing and the citizens will start using Bitcoin… This one begs more information because whether it’s Venezuela or Argentina, how are the citizens of either of these countries, the people on the street, going to practically use Bitcoin, and who will be accepting Bitcoin as payment for goods and services locally? Are the local vendors in these countries set up to accept Bitcoin, and even if they are, how are the older or non technical or computer savvy people going to cope? So, that prediction seems a bit far fetched to me, purely for practical reasons. Maybe James Altucher is just so caught up in a rich man’s bubble himself that he assumes that all of these masses of people in these other countries have the ability and the equipment to conduct all of their financial and shopping in Bitcoin. SMH.
I thought that it was interesting that James Altucher didn’t mention Ripple (XRP), the “banker’s coin”. Ripple will make bank to bank asset transfers quick and easy, even internationally where it will really shine, and it can work with multiple cryptocurrencies as well.
You can take all of these predictions from Wall Street geniuses like this and use them as guidance as you navigate your way through the obstacle course of this digital currency revolution.
The institutional money is set to get into the game, which will make some of these predictions come true.
No matter what Jamie Dimon thinks, it’s still going places.
You have to be in it to win it, though, so at least get your account set up and you can move forward from there once you get your initial account in order. Get into this game before the rest of the planet catches on.