Despite the current bear market, John McAfee continues to predict that the price of a Bitcoin will exceed $1 million by the end of 2020. He recently confirmed this in an interview with Newsweek.
The bear market since January 2018 and the price drops have frustrated many novices and pushed them out of the cryptocurrency market. However, many seasoned traders and investors who have been around for a long time refer back to earlier periods and crypto market crashes. The reality is that the crypto market has crashed many times, just like in early 2018.
The current bear market, which has been going on for eight months, is not uncommon. The bear market, launched in December 2013, lasted for one and a half years. The pre-crash level (over $1,000) was not reached until January 2017. After that, Bitcoinreportedly shot within a year from January 2017, shooting $1,000 to $20,000 in December 2017.
Perhaps this is also one of many reasons why many crypto enthusiasts continue to look positively ahead and are confident that the market will reach the record level of 2017 again. Although the market scenario could be grim enough to unsettle even Bitcoin bulls, cyber security expert John McAfee still holds to his bet that Bitcoin (BTC) will be worth a million dollars by 2020.
Last year in July 2017, he bet that Bitcoin would have a value of $500,000 by the end of 2020. He underlined his statement with the fact that he will eat his best piece, if he is not right. When the Bitcoin price exceeded his calculations in November 2017, he even increased his bet to one million USD.
“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 Bitcoin at $1 million by the end of 2020. I will still eat my dick if wrong “
In a recent interview with Newsweek magazine , John McAfee once again stated that his weather is still running:
I’m absolutely stuck to the million-dollar forecast. There are two and a half years left in which two things will happen: Bitcoin will continue to grow, and the US dollar and other Fiat currencies will depreciate.
Undoubtedly, John McAfee is one of the most dazzling and loud personalities in crypto-space. The question is how does he come up with that number and whether he just wants to generate attention with his statement or whether the one million prediction has a foundation. According to his own statements, John McAfee can call on a PhD in Point-Set Topology and can calculate the price. However, he cannot look into the cards, how exactly he does the calculation.
A website has addressed this mathematical challenge and released a tool that can be used to calculate McAfee’s prediction. Assuming the website performs the same calculation as McAfee, then the current BTC would have to be $15,286.53 to meet the 1 million forecast.
Regardless, even Newsweek states in its article that the negativity around cryptocurrency can be compared to the negativity around the internet in the 90s. Both are and will continue to prosper despite the bad press. However, if John McAfee’s prediction will be fulfilled, only the next few years will be able to show.