McAfee: Bitcoin’s Scarcity Will Trigger Its Price to Hit $1M in 2020

[Eugene265]

Major Bitcoin (BTC) bull, programmer, and U.S. presidential campaigner John McAfee in 2020 stays convinced that the world's biggest cryptocurrency will reach $1 million by 2020. 

McAfee, renowned for his courageous prediction that next year BTC will reach $500,000, defended his recently doubled $1 million per coin forecast in 2020 during a Sept. 30 interview with Forbes.

BTC has added more than 100,000 coins to its production— and it has a circulation of 17,968,000 as of now, according to Blockchain.com information.

Last week, BTC experienced a significant sell-off when for the first time in months the main cryptocurrency lost $1,500 in less than a day. Bitcoin later hit a fresh low multi-month— less than $7,800.

So, probably BTC will not hit $500,000 during 2020, but by the end of 2020 a lot of World Banks predicted that BTC will reach $100,000 per coin. Keep your coins in the wallets guys or multiple them on Stake!

Recource: https://cointelegraph.com/news/mcafee-bitcoins-scarcity-will-trigger-its-price-to-hit-1m-in-2020

[wry]

Getting another x10 from Bitcoin would be remarkable but I have my doubts.  The only big positive price event we can anticipate is the block reward reduction next year.  Even if we double from here that's 16 to 17K USD, even from the 2017 peak of 19K, would only be 38K, so I think that is about the absolute maximum in the foreseeable future, e.g. the next couple of years.

McAfee is already rich, it doesn't matter what BTC does, he'll still be rich, he can say anything.  Taking his statements seriously is a huge mistake.  Maybe it will go up that much, but without some sort of reason being offered it's just so much hot air.

[KURTAULI]

In my opinion such an increase in price is an anomaly.  I have a question why should 1 Bitcoin be worth $ 500,000? Of course there is no reason and no answer.  Bitcoin has become a bubble which is bad. Also a big problem is the tether. The cryptocurrency bomb is tether