Optimism is quite low in the crypto market right now. In the past few weeks, the price of BTC has settled around $8,000. This has led many in the crypto sector to believe that the $13K price is the highest BTC will achieve in 2019. With people betting on bearish price action for Bitcoin, there still remains many bulls in the Bitcoin industry. We now introduce you to John McAfee.
Bitcoin Price Could Go Higher
John McAfee, who is a well-known crypto enthusiast and programmer, believes that it could go higher. He believes that BTC could be worth $2 million by the end of 2020. This is his most bullish prediction yet. However, not many in the crypto sector share in his enthusiasm. During a recent interview, McAfee said that the numbers supported his prediction. He added that if his prediction did not pan out, then the mathematics was a ‘flawed disappointment.’
This is an update to his earlier $1 million price prediction, which he made on September 30. During a Forbes interview, he explained that there were only 21 million BTCs. He noted that seven million of these coins were lost forever and if Satoshi Nakamoto was dead, a few more million would be lost as well. As a result, this scarcity would cause prices to rise to $1 million.
Is there such a thing as Too Much Optimism?
McAfee’s price prediction begs the question of whether one can be too optimistic about crypto prices. He is no doubt a respected and knowledgeable figure in the crypto world. However, his predictions are not facts. Only time will tell if they were accurate or not. It will be interesting to see how this pans out.
He is Not the Only One To Make High Bitcoin Price Prediction
McAfee is not the only one to make such a prediction. In November 2018, Vladislav Ginko, a Russian economist, predicted that BTC could reach $2 million by the end of 2019. It is worth noting that Ginko had once claimed Russia was planning to add BTC to its reserves due to proposed US sanctions. He also claimed that Russia was already investing in BTC. At the time, he claimed that Russia already had $9.3 billion worth of BTC. In his opinion, sanctions on Russia would be good for digital coins. It is worth noting that he has held important positions at some point in Russia.
John McAfee would no doubt be pleased to hear about the predictions made by Ginko. In May, McAfee claimed that opposition to his $1 million price prediction was because people were viewing it based on the stock market formulas. However, he noted that the crypto market was a new paradigm. As such, the formulas that apply to the stock market do not apply to crypto.
Others who have made the $1 million price predictions are Wences Casares, a PayPal director, and Jesse Lund, the head of IBM Blockchain. In a March 2019 interview, Casares predicted that in the next 7 to 10 years, BTC could reach $1 million.
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