Sunday, July 12, 2020

John McAfee: It is Mathematically Impossible for Bitcoin to Trade Below $1 million by 2020’s End

John McAfee is extremely bullish about Bitcoin, and one thing the crypto community has come to know him for is, he is not one to hide what he thinks. His recent prediction of $1 million per Bitcoin affirms what he had already stated in 2017. Bitcoin may be trading at $5,200 today, but the cybersecurity expert is confident that it will be mathematically impossible for Bitcoin to trade below $1 million by 2020’s end.

John McAfee is Extremely Confident About Bitcoin’s Price Surge

In a Tweet on April 15, John McAfee famous for his McAfee antivirus confidently stated that Bitcoin will spike as high as $1 million by the end of 2020. According to him, it would be mathematically impossible for the largest cryptocurrency by market cap not to hit his price target.

Bitcoin Will Have to Grow Exponentially to Hit McAfee’s Target

If all goes as McAfee has predicted, then Bitcoin’s price will have to grow exponentially and by 20,000 percent. Now that’s really a lot to deal with and out of the ordinary. If it does happen, then current hodlers might trade the asset in order to cash in on the profit which could possibly lead to a price correction.

On the contrary, the unexpected is always known to happen in the cryptocurrency industry and as such, one may not be too quick to write off the Bitcoin enthusiast’s prediction. Bitcoin, for instance, was trading around $1,000 in January 2017 and by December 2017, it surged to $20,000 per coin. But then, we all know how that turned out since it dumped as low as $3,100 in December 2018.

It can be recalled that McAfee had made a similar prediction on July 17, 2017, when Bitcoin was around $2,000. He had stated that Bitcoin will hit $500,000 by 2020’s end. However, when Bitcoin’s price began to spike in November of the same year, McAfee changed his prediction to $1 million. A site has even been designed to monitor how close or far off Bitcoin’s current price is from the programmer’s opinion.

Wences Casares Also Predicts Bitcoin’s Price of $1 Million in 7 to 9 Years

In comparison to McAfee’s prediction, Wences Casares, CEO of Xapo and PayPal’s Director also believes that Bitcoin can hit $1 million but in the next 7 to 9 years. The CEO outlined that while the digital currency has a 20 percent chance for failure, its success rate is at least 50 percent. Therefore, we should expect a price tag around that range if Bitcoin is still here by that time.

Casares also pointed out that it is irresponsible not to have any exposure to Bitcoin. He advised that investors should allocate 1 percent of their portfolio to Bitcoin which will ensure that if Bitcoin’s price dumps, only 1 percent will be lost. In contrast, if it grows over $1 million per coin, then the same portfolio will be worth over twice its original value.

PlanB, a professional cryptocurrency trader has also predicted that Bitcoin will surge to $55,000 after its halving in May 2020. The trader added that Bitcoin’s market capitalization which is about $92 billion today, will increase to $1 trillion. These predictions were based on the fact that Bitcoin’s supply is limited and its supply to the market will be halved next year.

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