James Altucher predicts bitcoin will reach $1 million by 2020 & This Is His Key Reason

• Outspoken libertarian and MGT Capital Investments CEO John McAfee tweets he predicts bitcoin will reach $1 million by the end of 2020, double his previous forecast.

"I'll say $1 million by 2020, as well, easily," James Altucher says 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."

*Bitcoin hit a record high of $11,377.33 earlier in the day, according to CoinDesk.

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 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.

Reported by CNBC