John McAfee Stands By His 1 Million Dollar BTC Price Prediction
It’s nothing new for Bitcoin price prediction to create a stir, especially when it comes from a veteran crypto proponent like John McAfee, who is also the founder of McAfee Associates, one among the leading software security firms. He had predicted in the year 2017 that the number one cryptocurrency Bitcoin would hit the price of one million dollars per coin by the time the year 2020 ends. In his recent interview with Forbes, he went on to defend this very prediction with reasonings.
The interview dated September 30, 2019, witnesses John McAfee argues that the reason for BTC crossing such a towering price will be nothing but its scarce nature. Explaining further, he put out numbers saying the supply of Bitcoin is restricted to 21 million BTC, out of which apparently, a considerable portion (7 million) has been already lost forever. If the creator of Bitcoin, Satoshi, is dead, then add some more million to it, McAfee said.
Here, McAfee’s basic argument is that Bitcoin will have increased demand, but as its supply is limited, there will be a tremendous surge in price. The number of coins present in the market and fed into it, will not be sufficient to satisfy the growing demand, shooting up the price as a result.
Not stopping there, the renowned programmer argued that even when Bitcoin made up only a small percent of the world’s transactions, its price could soar. While explaining, he said that if BTC made up 5 percent of the financial transactions of the world, or maybe 10 or 20 percent, then its worth would be 10 million dollars a coin, on the basis of those numbers. Calling himself a conservative man, he added that he is still sticking to only one even after considering such a scenario.
In the interview, he also went on to describe the leading crypto Bitcoin as a store of value. Voicing his opinions on stablecoins and privacy coins, McAfee said that he considers both these digital asset classes as good options to carry out transactions.
While McAfee remained firm on his soaring Bitcoin predictions, a majority of industry experts feel that it’s not likely to happen, citing estimates and models. In fact, a model which strives to arrive at fair price predictions of Bitcoin from its scarcity, discovered recently that it is highly unlikely for BTC to hit the $1M mark till at least 2024. BayernLB, an eminent German Bank, predicted Bitcoin price in the upcoming year in a recently released research report dated October 1, 2019. That report said that Bitcoin would reach the price of $90,000 next year, in 2020, because of the forthcoming halving.