Technology expert John McAfee made a prediction that by December 31st, 2020, Bitcoin will cross $1 million. He made this ambitious statement in response to a $1 million prediction from another crypto follower. Recently when the Bitcoin market has fallen drastically, McAfee made this prediction. He affirms that his predictions never goes wrong. McAfee also added that Bitcoin breaching such a price point is possible because “two years is a long time.” He even promised ‘to eat his own dick’ if Bitcoin doesn’t reach $1 Million by 2020.
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
Is it a Conservative Prediction?
McAfee has claimed several times that this is only a conservative prediction or estimate. According to Ethereum World News reports, the growing number of transactions and individuals using the Bitcoin Network indicate that the true value of BTC is “escalating tremendously.”
McAfee also added that investors should not lose their hope by the crypto market’s short-term downtrend. He emphasizes that “artificial pressures” have only created “temporary” shortcomings for crypto assets. According to McAfee, “if you track the usage curve [of Bitcoin],” $1 million per BTC by 2020 (his original prediction) is conservative, adding that eventually, BTC will be valued by its usage, not by investors and speculative factors.
Most importantly, he’s not just the single person in the Blockchain industry who thinks that a seven-digit valuation for Bitcoin is not irrational. At an IBM-organized event, when Jesse Lund, Head of Blockchain Solutions and Digital Assets Division, was asked about his expectations about Bitcoin’s future price. He told Crypto Finder that he entrusts his faith in Bitcoin from a long-term perspective. Lund mentioned that while BTC may only reach $5,000 by New Year’s Eve, in the years to come, the digital asset will cross $1 million.
Travis Kling, the chief investment officer of Ikigai Asset Management also recently released a chart that depicted how BTC could reach a seven-figure valuation. He presented that chart at the Japan Blockchain Conference 2019. It depicted that if Bitcoin manages to absorb all fiat and gold holdings in circulation, the asset would have a fair valuation of $1.5 million. Though this is a piece of theoretical information, many are sure that the flagship cryptocurrency will play a prominent role in the world of finance in the upcoming years.