James Altucher’s bitcoin predictions

I think day by day who knows coinbase is
the large 16 for Bitcoin they’re adding a hundred thousand new customers a day
what do each one of those hundred thousand people do they buy a Bitcoin
that’s driving the demand up on a daily basis overall in the long term we see
there’s 200 billion dollars worth of cryptocurrencies out there but there’s
200 trillion dollars of demand for money out there so if bitcoin is truly solving
the problems of paper and fiat currency which I believe you’re gonna see that
200 billions start to move up to 200 trillion so this price action
who knows day by day but long-term this price action is certainly not
unreasonable and it’s gonna continue to go higher so just to follow up back in
August when Bitcoin was at around 4,000 I think you wrote correct me if I’m
wrong we’re in a height bubble it doesn’t mean Kryptos are bad it doesn’t
mean you shouldn’t buy it just means there’s a lot of hype and scammers out
there yes see in this story at least twice before in the past 20 years etc
yes there are so many bogus crypto currencies out there 95% of these
alternative crypto currencies are probably scams Bitcoin is not one of
them bitcoins legitimate it’s the biggest one it’s been around the longest
but everyone just like with every financial innovation scammers and Ponzi
schemes get in the game that’s certainly happening and you have
to be careful but the cryptocurrency trend and the Bitcoin trend is not going
to stop so Spencer you obviously believe in Bitcoin clearly what do you think
that we need derivative Bitcoin products to sort of help maybe the legitimate
legitimacy or help others be able to play in Bitcoin futures ETP so
exchange-traded products what do you think about those ideas listen yeah we
hear a lot about is Bitcoin in a bubble but the reality is the institutional
ownership is about zero percent of this brain and we need some of these familiar
rappers like futures et PS etc that help put it in a in a context the traditional
investors can touch even on the retail side less than 2% of people own in the
Bitcoin and yet 14 percent say they prefer Bitcoin to stocks that would be a
10x increase in adoption if those people actually go and put some money in the
Bitcoin yeah and let’s just add you know JP Morgan’s Jamie Dimon was trashing
Bitcoin a few weeks ago and now they’ve just announced they’re going to help
their clients get into Bitcoin futures which is a derivative product so
certainly they see there’s opportunity here and that’s a huge retail investor
base that’s going to start playing around with Bitcoin with derivatives you
want it to be transactional for more retail investors to get in or to want to
get in to understand it want you to be a current yes I agree with you completely
but notice Amazon just registered three or four domain names completely related
to crypto currencies largest retailer in the world they’re gonna start accepting
Bitcoin and and everyone will follow after that I completely disagree I dunno
I think that it needs to be transactional transactional is what
people see at first because they hear cryptocurrency I think payments but the
real reason why people buy today is as a digital gold they’re not transacting
with that people don’t like to spend appreciating assets Amazon will not
start accepting Bitcoin because doesn’t make sense for them people don’t like to
spend Bitcoin they’re doing brand protection by registering certain domain
names joseph stiglitz a Nobel Prize winner bitcoins successful only because
of its potential for circumvention lack of oversight so it seems to me it ought
to be outlawed what is the risk of real regulatory pressure or complete legality
let’s not forget who what large entity wants to occasionally make large
transactions around the world in secret the US government so believe it or not
the US government is heavily looking into how they can personally or
institutionally use Bitcoin to spend so there will be regulation there needs to
be there’s so many scams as you point out but this the regulations are going
to protect people Bitcoin itself is a trend that’s gonna continue
Spencer tell me what are the fundamentals that you look at with
Bitcoin because this is the piece one of many people’s that I can’t figure out
besides demand right which can go in lots of different directions especially
as the public rushes in people get scared for a dumb reason just like they
get excited for a dumb reason besides demand what are the fundamentals driving
the price of Bitcoin that’s fair I mean I think that overall anytime we have
some sort of macroeconomic uncertainty people rush to that risk off trade and
that could be gold it could be Bitcoin but bitcoins certainly been a benefactor
in that respect I think that transaction value is another important metric out
there of how much value is flowing over the network on a daily basis how much
are people trust in the net with how many billions of dollars

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