Bitcoin's Wild Ride - 1M Per Bitcoin In 3 Years

This week we saw Bitcoin climb from about $8000 on Friday, 11/24
to over $11,000 on Thursday, 11/29. Six months ago, on May 31, the
value of 1 Bitcoin was $2298. Based upon this incredible rate of
growth, many experts are predicting that 1 Bitcoin will be worth
1,000,000.00 by the end of 2020, just 3 short years from now. Of
course, this is the stuff that dreams are made of. A 1M USD Bitcoin
is most likely a very far-fetched proposal even for the most optimistic
proponent of Bitcoin and other cryptos. However, I think everyone
is in agreement that it would be extremely risky NOT to give
yourself at least some exposure to the cryptocurrency space.

Here are some comments taken from a few of the newsletters
I subscribe to.

"On average, every year so far, the value of Bitcoin has increased by
about a factor ten. From 0.1 dollar in 2010, to 1 dollar in 2011, to 10
dollar in 2012, to 100 dollar in 2013. From now on, there's a slight
slowdown, as the value increased by a factor ten every two years, to
1,000 dollars in 2015, to 10,000 in 2017…....100,000 in 2019, and
1,000,000 in 2021.”

James Altucher appeared on CNBC yesterday and forecast $1 million
bitcoin by 2020.

"The occasion for James’ $1 million forecast was a tweet yesterday
from John McAfee, the colorful software entrepreneur. McAfee had
previously forecast $500,000 bitcoin by the end of 2020. But he said
that was based on a model of $5,000 bitcoin in 2017. With bitcoin
crossing the $10,000 barrier this week, he’s upped his 2020 outlook
to a clean million."

"On CNBC’s Squawk Alley, James was asked whether he agreed:
"I'll say $1 million by 2020, as well, easily,” he replied. “There's 15
million millionaires around the world. All their financial advisers
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 going to also drive demand."

Of course, there has been and will continue to be volatility along the
way. On Thursday, November 30, we watched nervously as Bitcoin
dipped to to about $8900 at about 7 AM. As I write this update it has
recovered to just over 10.6K. Experts are unanimous with their opinion
that holders of Bitcoin should hold strong during these periods of
volatility. There are three major catalysts that should drive prices
higher next year.

Retail flood - Coinbase is adding 2 million accounts per month (and
that's just one exchange).

Growing institutional interest - Coinbase has opened wealth
management and hedge fund custodial service, and futures are
coming.

Future exchange-traded funds - Now that a cryptocurrency futures
market is due to open soon, ETFs are more likely to follow.

U.S. Regulator Clears CME, CBOE to Trade Bitcoin Futures. The
U.S. Commodity Futures Trading Commission (CFTC) has approved
three financial products offering exposure to cryptocurrencies for
trading starting December 18.