McAfee Is Not the Only Expert Predicting Bitcoin to Reach $1 Million USD Per BTC
John McAfee, the popular crypto expert, has predicted that Bitcoin (BTC) will reach $1 million before 2021. We are just a few months away from it and it seems yet a distant target from current prices. But there are other individuals and analysts that believe that the most popular digital asset could eventually reach this price.
Jesse Lund, the Vice President of Blockchain and Digital Currencies for IBM; said that he sees Bitcoin at a million dollars, but $5,000 by the end of the current year. However, he noted that there will be a clear trend towards $1 million.
Max Keiser anticipated what could happen in the future of the space. He said that there have been people operating on the sidelines and that purchased Bitcoin once it surpassed $1,000. Many others were going to do so once it traded over $10,000. And why not to keep thinking about it in the future?
Rick Falkvinge said that Bitcoin could eventually capture between 1% and 10% of the total global investor market. About it, he commented:
“This leads us to a target market cap of $600 billion to $6 trillion USD, to be fulfilled by about 6 million Bitcoin, which makes for easy calculations. That means that each Bitcoin would be worth $100,000 at the low market cap and $1,000,000 at the high market cap.”
Furthermore, Wences Casares, the CEO of the Bitcoin service provider Xapi, explained that $1 million is not out of the question and that it is more likely to happen than not. He said that there is a higher than 50 percent chance that a Bitcoin is worth more than a million dollars.
Another individual talking about Bitcoin reaching $1 million is Trace Mayer, the host of the Bitcoin Knowledge Podcast. Back in 2013, he said that if 1% of the cash balances from of shore tax haven bank accounts are moved out of them, 1% of that invested into Bitcoin would make the digital asset be worth $2.8 million per coin.
The virtual currency has been in a bear trend since December 2017, when it reached $20,000. Since that moment, Bitcoin fell more than 80% and couldn’t recover its price. Indeed, Bitcoin is currently being traded under $4,000 after trying to break above $4,200.
There are some fundamentals that allow enthusiasts to believe that the bear market is already over. For example, Segregated Witness (SegWit) has increased over the last months and reached around 40% of the transactions. Moreover, Bitcoin’s fees have been decreasing during the whole year and the number of transactions reached the same levels as it had during the bull run in 2017.
It remains to be seen what is going to happen with the digital currency and its price. However, there are several experts that predict that Bitcoin will be surpassing $1 million in the future.
At the time of writing this article, Bitcoin is being traded around $3,850 and it has a market capitalization of $67.55 billion.