Will Bitcoin Price be $1 Million at 2020? John MacAfee has an answer.

Will Bitcoin Price be $1 Million at 2020? John MacAfee has an answer.

Crypto news
April 21, 2019 by Super System
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Bitcoin Price Will Hit $1 Million in 2020 Because of Maths, Stupid: John McAfee

John McAfee has been really fearless when it comes to foretelling the price of bitcoin, claiming that each unit of the Bitcoin will be worth one million dollars by the end of 2020.

McAfee, an expert in the cybersecurity field had first said in July 2017 that one bitcoin would be worth $500,000 by the end of 2020. If his prediction won’t happen he promised to do something on national TV that none of us probably want to see.

John MacAfee prediction

Although the dip Bitcoin has done since the end of 2018, he is sticking to his fearless million dollar prediction.

MacAfee claimed in one of his tweets that it is “mathematically impossible” that one Bitcoin will be less than one million dollars “by the end of 2020.”  It might be a bold statement, but he sticks to it.

One Million Dollars For One Bitcoin, Is that even Likely?

2018 was unfortunate for bitcoin, losing about 80% of its value as it fell from almost $18,000 to just over $3800 in December. That great value drop was just when Bitcoin had its highest value of $20,000 in 2017.

john mcafee One Bitcoin graph

It was back then when Bitcoin was at his almost pick, that McAfee made is a bold prediction of the $1,000,000 dollars Bitcoin.

McAfee had said that his mathematical model priced each bitcoin at $5,000 at the end of 2017. And in that time the Bitcoin was trading at more than double of that level at that time, prompting McAfee to claim that $1 million was plausible by the end of 2020.

Although McAfee shows his confidence with his tweeter prediction, even the most crypto enthusiasts are a bit skeptic about it even if it is backed up with mathematical data.

Currently, Bitcoin is worth just over $5,100. So it needs to jump “just” 20,000 percent from its current value in the next two years to make McAfee’s prediction come to life.

Going back to 2017, the price of bitcoin surged just over 20 times in the span of a year before crashing down.

It won’t be surprising if the $1 million bitcoin prediction turns out to be a wild fantasy by the end of 2020. But that hasn’t stopped a few others from hopping on the train.

What do the experts say?

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Wences Casares, the CEO of Xapo and a director at PayPal, Bitcoin might surpass the $1 million in the next 7 to 10 years. Casares says that there is at least a 50% chance that his opinion might succeed, so he is not as bullish as McAfee.

Casares’ foresight is driven by the success of blockchain technologies, Bitcoin and how the cryptocurrency could be adopted globally in the long run. The absence of efficient and cost-effective financial services in certain geographies could drive the number of Bitcoin users higher in the future.

Casares, as well as McAfee, uses math modules for his predictions. He claims that the Bitcoin price can be calculated by multiplying the number of holders at $7,000. Assuming that this constant is maintained and there are 3 billion people owning Bitcoin, each unit of the Bitcoin will be worth $1 million as the supply of the Bitcoin is fixed at 21 million units.

Currently, Bitcoin is worth just over $5,100. So it needs to jump “just” 20,000 percent from its current value in the next two years to make McAfee’s prediction come to life.