Will Bitcoin replace paper money and China want to have a cryptocurrency that is competitive with bitcoin?

James Altucher who is a tech investor, stock picker, founder and publisher of choose yourself financial said in an interview with CNBC that Bitcoin is here to stay and it has the potential that it will replace paper money as we study the past and come to know that the system of exchanging goods were performed by barter system and that was replaced by Gold. Eventually the Gold was also replaced by paper money which is currently adopted by the modern world but he predicted that Bitcoin has the potential to replace the paper money and it will be widely acceptable over the globe. He added that bitcoin and few other prominent coins like ethereum, litecoin, zcash and filecoin in which he himself invested will be in market for the same purpose but other new cryptocurrencies may not continue their glory.
He predicted that the bitcoin will go up to $1,000,000 per coin and the freelancing companies may prefer to pay in cryptocurrencies due to many benefits including convenience, prompt transaction and tax. His predictions also included that the banks will accept cryptocurrencies and let the clients to avail deposit and withdraw facilities.
He also added that the U.S government will show interest to acquire or obtain smaller and less valuable cryptocurrencies in order to accumulate them and China will initiate to introduce a cryptocurrency of its own under its centralized control in order to compete with bitcoin.
He included that thousands of new cryptocurrencies will be created like it has already being launched in the market but few will be able to increase their value and hold their existence in future.