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James Altucher predicts bitcoin will reach $1 million by 2020

Evelyn Cheng
Self-help guru and former hedge fund manager James Altucher thinks bitcoin will reach $1 million.

Self-help guru and former hedge fund manager James Altucher thinks bitcoin will reach $1 million in three years.

Bitcoin surged to a record high of $11,377.33 Wednesday morning, according to CoinDesk. Outspoken libertarian and MGT Capital Investments CEO John McAfee subsequently tweeted that he predicts bitcoin will reach $1 million by the end of 2020, double his previous forecast.

When CNBC asked Altucher if he agreed, he said yes.

"I'll say 1 million dollars by 2020, as well, easily," Altucher said Wednesday on CNBC's " Squawk Alley ." "There's 15 million millionaires around the world. All their financial advisors are going to say, 'Hey, buy a bitcoin. You need some exposure."

"There's only going to be 21 million bitcoins minted ever in history. That's also going to drive demand," Altucher said.

He is a Top 10 LinkedIn Influencer, the author of the bestselling book "Choose Yourself" and an editor at The Altucher Report.

Bitcoin was trading near $10,811 as of midday Wednesday, according to CoinDesk.