John McAfee, a world-renowned cybersecurity expert, reiterated his prediction that the bitcoin price would reach the $1 million level by the year 2020.
This time, interviewed by Forbes, McAfee tried to explain the logic of his prediction, saying that out of the total supply of bitcoin, which is 21 million, seven million are lost forever. He guessed that the possible death of Satoshi Nakamoto, the original creator of Bitcoin, could add another million tokens atop an already lost stock.
“In any case, just run some numbers,” McAfee explained. “If bitcoin gets to be 5 percent of the world ‘s financial transactions, which, as you all know it will or maybe 10 percent or 20 percent, then bitcoin would be worth $10 million per coin, based on those numbers.”
McAfee added that he sees Bitcoin as a store-of-value asset, hinting that more people would adopt it the same as they choose Gold. Nevertheless, big investors so far has kept a safe distance from the cryptocurrency owing to its price volatility.
Other Bitcoin Predictions
McAfee’s prediction that bitcoin price can reach $1 million appears overwhelming when compared to similarly bullish forecasts. Venture capital investor Tim Draper, for instance, believes that bitcoin would hit $250,000 by 2021. Tim Draper has changed his mind on pricing data several times (from 2021 to 2022 or 2023), but a $250,000 forecast remains unchanged till date.
“It’s going to keep going [up in price] because I’m a believer that in four years, something like that, bitcoin will be about a 5 percent market share of the Earth,” Mr. Draper said in July.
Oliver Isaacs, a prominent bitcoin analyst, told the Independent:
“I believe bitcoin has the potential to hit $25,000 by the end of 2019 or early 2020; there are multiple drivers behind the recent resurgence. There are geopolitical, technological, and regulatory drivers. The net effect of the trade war between the US and China has led to a sudden interest in bitcoin as a hedge on investments.”
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