- John McAfee and Peter Brandt believe that Bitcoin will bottom out at $5,500 before bouncing back, reaching $50,000 by February.
- McAfee predicts that Bitcoin will be worth $1 million each by the end of 2020.
It is safe to say that Bitcoin hasn’t had the best week. In fact, it’s had a pretty rough one, considering a loss of at least $2,000 in just a few days. At the time of writing, Bitcoin was worth $8,454.51, losing 6.66% of its value in the last 24 hours. However, always a man of interesting proclamations, John McAfee hasn’t lost faith in the original cryptocurrency. In fact, he is predicting major success for the coin, stating that he (like Peter Brandt) believes that Bitcoin will soon be making a bull run to $50,000, but not before bottoming out around $5,500.
McAfee, a tech entrepreneur, and cryptocurrency commentator doesn’t believe the recent dip in value is anything to be concerned about. In fact, he even challenged the public to completely ignore that the drop even happened. He reiterated that not only is he behind Brandt’s statements that a $50,000 price tag is coming, but he still believes that the $1 million Bitcoin is coming by the end of 2020.
Ignore this drop in Bitcoin's price. I am firmly with Peter Brandt in his medium term $50k price prediction. I am also firm on my $1 mil price by the end of 2020. Stop wringing your hands! Watch GOT reruns, or woo your spouse or finish off your drug stash. All is well. pic.twitter.com/gMFdLaVkQc
— John McAfee (@officialmcafee) September 30, 2019
His tweet refers to a recent prediction made by Brandt, who said that he thinks that Bitcoin will end up bottoming out at $5,500 and will see a $50,000 level by February 2020. McAfee has continually maintained that Bitcoin will end up being worth $1 million by the end of 2020, and it doesn’t look like this minor setback will be changing his mind at all.
McAfee is known for some interesting things. Not filing his taxes in the last seven years and has consistently been in favor of Bitcoin. Considering his preference to stay outside of the reach of the government, his interest in the decentralized currency is hardly surprising, as the government is unable to control it.
The only thing to do is to wait and see what happens now. If McAfee and Brandt are correct, then investors may want to keep their money invested in Bitcoin until it comes back from bottoming out.