John Mcafee’s Bullish Prediction on Bitcoin

John McAfee a multi-millionaire who is considered by many as being eccentric and paranoid is bullish on Bitcoin, predicting that the price could reach $1 million by the year end of 2020.

His prediction comes at a time when the cryptocurrency market, including Bitcoin has been experiencing a steady decline. In only a month the entire market cap for cryptocurrencies has fallen 40 percent.

In 2017, McAfee predicted that by the end of 2017 1 bitcoin token would be valued at $5,000. On December 17th, Bitcoin hit its record breaking high of $19,303.74 before falling to $12,629.81.

Now, using his prediction model he predicts that it could reach upward to $1 million, his reasoning being that Bitcoin prices for 2017 surged much faster than was predicted.

According to prediction tracker portal for bitcoin, the prediction is achievable. In order to reach $1 million, calculating a compound rate for the days until 31 December 2020, bitcoin price would need to increase at 0.4840957034310259% per day. Or a hundred times from its current valuation.

Justifications supporting this is that:

• With only a total of 21 million bitcoins and the growing demand, scarcity will lead to a high demand pushing up the price
• Still at its infancy blockchain technology of which all cryptocurrencies are based is expected to develop at a fast rate as more and more industries start adopting the technology
• The increasing acceptance of bitcoin and its legitimacy will push the prices up
• Bitcoins market cap is in the region of $162 billion falling short of other traditional assets such as gold and bonds

What Is John Mcafee’s Claim to Fame?

He has worked for NASA, creator of the most popular anti-virus scanner, founder of a software company McAfee Associates.

According to a website, he is unconventional and distrusts centralized institutions and has an in-depth understanding of cyber security and is bullish on bitcoin.
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