BTC Prediction: Could it reach $1m by 2020?April 23, 2019
The popular cryptocurrency enthusiast and founder of the anti-virus software McAfee Associates, John McAfee has always been quite out there when it comes to the price of Bitcoin. Recently, he has even predicted the BTC price to reach $1 million by 2020 which is a brave estimate, to say the least.
In mid-2017, the entrepreneur first spoke on Bitcoin saying that one BTC would be worth half a million by the end of 2020.
As we know, later that year the price of Bitcoin got mainstream appeal when it reached its all-time high of $20,000 but of course, following that we saw one of the worst bear markets in history. It doesn’t seem that the bear market has sparked any fear into McAfee’s way of thinking though, and he is sticking to his prediction that BTC will be worth a massive amount by the end of 2020.
Speaking on Twitter last week, McAfee said,
Come on people!!! It’s time to brush up your basic math skills and run some f*^#$ng numbers!!!! It is mathematically impossible for Bitcoin to be less than $1 mil by the end of 2020. Bitcoin is not an effing stock!!! You can’t apply stock paradigms or formulas and expect answers! pic.twitter.com/KM6qVX204R
How legitimate is this prediction?
As we all know, 2018 wasn’t exactly kind to Bitcoin. The price sunk below $4,000, losing 80 percent of its price value when we hit December. This massive decline followed what was a great end to 2017 where the price of Bitcoin shot up to highs of $20,000.
During said bull run, McAfee made his prediction of a million dollars for the Bitcoin price.
He said that his model priced a single Bitcoin to be worth $5,000 by the end of 2017. Although it is worth noting that the leading cryptocurrency was trading at more than double of that price, at the time.
His latest tweet, (above) makes it clear that he is going to be sticking to his prediction, but even the bravest of crypto enthusiasts will take McAfee’s wild claim with a pinch of salt even if he back it up with the right maths.
At the time of writing Bitcoin is worth more than $5,500 following an eventful Easter bank holiday. So it’s going to have to jump around 20,000 percent from its current levels in order to hit the levels that McAfee has predicted. For investors that are holding Bitcoin right now, will more than likely be encouraged to cash in their gains if there is a rapid price rise in a short space of time.
Looking back to 2017, the price of Bitcoin surged over 20 times in around a year before crashing down, though one price executive from BitPay, Sonny Singh, believes that the $20,000 price was just an anomaly.
More than McAfee
McAfee isn’t the only one who has predicted Bitcoin to reach such heights. The CEO of Xapo and one of the directors over at PayPal, Wences Casares said that bitcoin could be worth more than $1 million in the next seven to ten years. Although Casares does add that there is at least a 50 percent chance that his opinion might succeed so he isn’t as bullish as McAfee when it comes to the BTC price.
His prediction seems to have been driven by the success of Bitcoin and how the cryptocurrency could be adopted on a worldwide scale. The lack of efficient and cost-effective services in certain geographies could drive the number of Bitcoin users higher in the future.
If John McAfee wants his prediction to come true, he will need billions of people to buy Bitcoin in just over two years. Without this, it might be ‘mathematically’ impossible for Bitcoin to hit $1 million by 2020.
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