John McAfee, founder of McAfee antivirus software and one of the biggest cryptocurrency enthusiasts, predicts that bitcoin price will reach $1 million by end of 2020. His public assessment is no surprise. McAfee’s unreserved opinions on matters cryptocurrency and politics make him no stranger to controversy.
It’s not the first time he has shared insane bitcoin price predictions. Back in mid-2017, McAfee said that bitcoin would be worth half a million at end of 2020 end. That was before bitcoin broke out when its price was averaging between $3,000 and $4,000.
We all know that bitcoin went mainstream the same year and reached a peak price of $19,000. A few months later, all the gains went to drain with the worst bear market in history. The crypto market lost over 80% of the value. But that didn’t spark any fears into McAfee. He has not retreated from his earlier prediction; in fact, he had doubled his BTC prediction.
In a tweet shared to his followers last week, McAfee stated that it is mathematically impossible for bitcoin not to reach $1 million in the next 18 months. He further explained that bitcoin is not an effing stock and that paradigms and formulas wouldn’t give expected answers.
2018; A Bad Year For Cryptocurrencies
Now, its public knowledge that 2018 was not the best year for cryptocurrencies, especially for bitcoin. From shooting a $20,000 high, to as low as $4,000 in 12 months. It was a horrible scene as investors sought to salvage the little they could before all was lost.
The broader blockchain market wasn’t spared either, crypto exchanges were targeted hack spots, and the Security Exchange Commission was constantly on crypto’s throat with regulations threats. As this was happening, crypto ads were being banned from every site you could think of.
Thank God, the bearish run came to an end beginning of this year. Prices have been recovering every new week in April with early signs of the same seen in February. We might see more of the recovery in the coming weeks or months perhaps. Will we get to the $1 million prices predicted by John McAfee?
Any Basis Behind The Absurd Prediction?
McAfee’s prediction may be driven by bitcoin’s success and global adoption of the same. Also, the lack of efficient and cost convenience in certain areas could see bitcoin adoption upsurge in those areas shortly.
Bitcoin’s price will have to rise over 20,000 percent from the current level to reach the absurd figure. Currently, bitcoin prices are enjoying new highs of $5,500. As incredible as it is, thinking bitcoin would reach a million dollar price, let alone half of it, we can’t brush off the possibility. Bitcoin has surprised us before and will probably do it again.
Similar Predictions To McAfee’s
McAfee has shared the forecast with other famous crypto figures. Winces Casares, CEO Xapo and one of Paypal’s directors have predicted the same. The difference being in the timespan before it reaches $1 million, anticipating it to take 7-10 years. In contrast with McAfee, Cesares is more laid back with his prediction, asserting a fifty percent likelihood.
If his predictions are to come true, billions will need to buy the cryptocurrency in less than two years. If not, the joke will be on him.