Cryptocurrency News / 09 June 2017 / Bitcoin Price Can Reach $1 Mln: CNBC's Jim Cramer

On the CNBC show “Squawk on the Street,” Cramer stated that the demand toward Bitcoin is rapidly increasing and because of Bitcoin’s decentralized nature, its price could potentially enter the $1 mln region, which would bring the market cap of Bitcoin to tens of trillions of dollars. However, Cramer’s reasoning behind his Bitcoin price prediction was fundamentally flawed as he failed to grasp the core purpose of Bitcoin and why investors are starting to purchase Bitcoin. Cramer said:

"I think it could because the European banks are frantically trying to buy them so they can pay off ransomware. It's a short-term way to be able to deal with cybersecurity. It is the way to pay off the bad guys.”