McAfee: Bitcoin To Hit $2 Million By 2020
John McAfee, the cybersecurity guru turned-digital currency defender, is known for his predictions for Bitcoin (BTC), and this time, his predictions have stated the fact, a unit of BTC will be hit $1,000,000 by 2020. McAfee is standing firm with this belief while numerous skeptics have dismissed him.
McAfee focused on the fact that bitcoin was not a theoretical venture but rather an instrument that controlled an installment protocol that works without banks. Due to the ultra-rare nature of the digital currency, McAfee contends that with an increase in the demand for Bitcoin, there will be a rise in the prices for the coins too. There won't be sufficient coins being encouraged into the market at low value focuses to fulfill demand.
When Forbes interviewed him, He said –
“Let’s get real, there are only 21 million bitcoins. Seven million of which have been lost forever, and then, if Satoshi [bitcoin’s anonymous creator] is dead, add a few more million.”
Bitcoin, alongside the whole cryptographic money advertise, has been on an enduring decrease since it was at the top once in 2017. This has provoked individuals to scrutinize McAfee's prediction for what's to come. If bitcoin were to hit $1 million by 2020, it would need to value a hundred times from its present valuation.
As of late, John McAfee resigned from the position of chief cybersecurity visionary at MGT Capital Investments. The organization not only has a noteworthy stake in hydro-fueled bitcoin mining but has been working with blockchain innovation to create security-related items.
A researcher at Bayerische Landesbank, which is a Munich-based financial foundation, composed that each TC will get a reasonable valuation of $90,000 at Bitcoin's next block reward decrease. It will take place when we associate the digital currency's expansion rate to its market capitalization. Another analyst gives his views on the same model, as a $1 million value point is only practical when the block reward decrease from that point onward is expected to occur as soon as possible by 2024.
Engineer Harold Burger wrote an article titled “Bitcoin’s natural long-term power-law corridor of growth”, to discourage McAfee's call. He commented that Bitcoin fits into a natural “control law” value, which has been fixing after some time from a logarithmic point of view. It predicts that the BTC price won't reach $1 million until 2028, at the most.
Now McAfee is calling $2,000,000 per BTC by the end of 2020:
McAfee's predictions about bitcoin's two million dollar expectation can be true, yet 2020 seems, by all accounts, to be too soon for such an achievement.
Bitcoin (BTC) Live Price
1 BTC/USD = $13,411.6392 change ~ 2.28%