Following an interview with Kitco News, TheStreet dialed in on a previous claim James made about the possibility of bitcoin reaching $1 million and where he stands now

“[Bitcoin] should partially or completely replace paper currency in the long run,” said Altucher. “How much paper currency is out there? About $200 trillion worth of paper currency is in the world. And there’s only about $200 billion of cryptocurrency. So that’s 100,000% from here. That could give bitcoin a price of $8 million. So $1 million is even a discount to where bitcoin could eventually go.”

Altucher speculated that the date of when that happens is arguable, but he believes eventually some country’s currency will collapse and then there will be mass adoption.

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