More than 600 days ago, John McAfee predicted that Bitcoin was going to reach $1 million by 2020. On July 17, 2017, McAfee said on Twitter that when he predicted Bitcoin to reach $500,000 by the end of 2020 he used a model that predicted $5,000 by the end of 2017.
As he explained Bitcoin “accelerated much faster” than his model assumptions.
This is why he decided to predict Bitcoin at $1 million by 2020. He mentioned that if it does not arrive at this price, he would eat his dic* on public television.
Could Bitcoin Be Traded Close To $1 Million By 2020?
At the time of this bet, Bitcoin was traded close to $2,250. And indeed, Bitcoin price started to move up considerably faster than many expected. By the end of 2017, Bitcoin reached $20,000 and many individuals expected the price to keep growing.
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
Unfortunately for many, Bitcoin dropped to the lowest point in more than a year when it reached $3,200 in December 2018. Now, the digital asset is being traded close to $4,030, far from the prediction made by McAfee.
Clearly, in a few years, it is possible for Bitcoin’s demand to overtake Bitcoin’s offer, considering that the next year the most popular digital asset will be experiencing a halving. This means that if the demand grows faster with a lower amount of Bitcoin available for users, the price is expected to grow.
According to the website Bircoin.top, Bitcoin should be worth $43,324 in order for John McAfee to be in its trend towards $1 million in 2020. In order to do so, Bitcoin should increase 0.48409% per day since July 17th for it to reach $1 million in 2020.
The site shows that Bitcoin is currently 90.7% down from the current value that Bitcoin should have to linearly grow towards $1 million. Of course, this does not mean that Bitcoin will not reach this price target set by McAfee, but the digital asset would have to increase in value in a short period of time much faster than the linear trend.
McAfee is not the only expert and Bitcoin supporter that predicted Bitcoin to reach a large price in the future.
Tim Draper, a recognized venture capitalist, has also predicted the digital asset to reach $250,000 by 2023. At the moment, Bitcoin is being traded 74.61% below the estimation made by Draper. As shown by Bicoin.top, if Bitcoin would follow a linear trend since the moment Draper made this prediction, it should be worth $14,285.
It is difficult to see Bitcoin at these prices in the next months or years. However, the market is volatile and unpredictable. In just a month, Bitcoin moved from $10,000 up to $20,000 and then dropped down to $10,000 once again.
If there is a new bull run with a lower Bitcoin issuance and more users and investors in the market, including institutions, the price of the most valuable digital asset could skyrocket and reach new highs.
At the time of writing this article, Bitcoin is being traded close to $4,030 and it has a market capitalization of $70.86 billion. In the last few weeks, Bitcoin was traded close to $4,000 but it would have to break above $4,200 if it wants to confirm that the bear market has already ended.