Many analysts are currently taking a step back from predicting where Bitcoin is headed next. This is because it is nearly impossible with many almost always getting it wrong. One tech entrepreneur and security expert is not shying away from making a Bitcoin prediction. The highly controversial and prominent John McAfee has in a recent interview updated his earlier prediction. In the latest prediction, McAfee has doubled his earlier number. Previously he stated that Bitcoin would reach a $1 million price tag by the end of 2020. Now, the expert has adjusted this to $2 million.
His view has been based on what he terms as the “f***ing numbers”. In an interview with AIBCSummit, McAfee was certain that unless mathematics is flawed, Bitcoin would reach $2 million by 2020.
“Run the f***ing numbers. If Bitcoin is less than $2 million by the end of 2020, then mathematics itself is a flawed disappointment,” he stated.
He further explained that his prediction was mainly based on scarcity and demand. This is a simple principle that states, with scarcity come high demand which drives prices up. McAfee explained:
“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.”
This prediction and the previous one for that matter sounds too optimistic with very few analysts backing it. If Bitcoin is to reach these numbers, it means that the return in 2020, which is just around the corner will be astronomical. Even with Bitcoin halving taking place which is expected to boost Bitcoin, the numbers are still too big. But are they impossible?
Is The Bitcoin Prediction Nuts?
Bytetree, a BTC analytics firm, has recently noted that Bitcoin has recently set a profit return of 115% per annum. This means that Bitcoin will reach McAffe’s prediction in 2029. Engineer Harold Burger has also been looking into the possibility. He believes that Bitcoin fits into a natural “power law” price corridor which estimates that Bitcoin will not reach $1 million until 2028.
What is clear is that this number will most likely be reached, the only question is, how soon? Next year, or in 10 years.
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