Home / Business / John McAfee reiterates Bitcoin price forecast of $ 1 million until 2020

John McAfee reiterates Bitcoin price forecast of $ 1 million until 2020



Renowned Bitcoin lawyer, data scientist and millionaire John McAfee has confirmed his daring $ 1 million forecast per Bitcoin.

Scarcity leads to long-term price increase?

McAfee, which had already caused a $ 500,000 sensation last year, had raised its expectations again this year to $ 1 million. In a Forbes interview on September 30, the inventor of one of the leading antivirus programs confirms that he expects a $ 1

million Bitcoin price in 2020.

In the interview, McAfee based his wave prediction mainly on the limited volume of Bitcoin and the resulting scarcity, which would increase the price in the long run. For example, McAfee thinks his forecast is "pure logic":

"There are only 21 million bitcoins, of which 7 million are lost forever, while millions more Bitcoin are probably lost if inventor Satoshi Nakamoto dies

85% of all Bitcoins already in circulation

As recently reported by Cointelegraph, Bitcoin's outstanding volume reached 17,850,000 units on August 1.

This in turn means that 85% of the total available volume is already in circulation Thus, only 3.15 million more bitcoins can be produced in the next 120 years.

Since the beginning of August, more than 100,000 additional units have been added, as data from Blockchain.com show that the current volume is 17,968,000 Bitcoin's

McAfee's "logic", however, does not seem to affect the current price right now, on the contrary, for example, the market-leading cryptocurrency has recently lost more than $ 1,500 in just one day, ket tells a temporary low monthly low of less than $ 7,800.

At the time of writing, however, the bitcoin price is back at 8,268 Coin360 shows that this is a weak daily loss, as Coin360 shows.

Despite this, the eccentric's thesis is not completely rejected as Bitcoin gains 27% over the previous year. A year ago around this time, the Bitcoin price was only $ 6,500. This can be seen as supporting McAfee's claim that Bitcoin "only goes up in the long run."

  Bitcoin one year price schedule. Source: Coin360 "src =" https://s3.cointelegraph.com/storage/uploads/view/8cb9f9bfb4bdffa1605259274d8245df.png "title =" Bitcoin one year pricing schedule. Source: Coin360 "/> </p>
<p style= Bitcoin price history Source: Coin360

Bitcoin is a safe deposit box

In the interview, the computer scientist also focused on Bitcoin's primary function, McAfee does not see market-leading cryptocurrency more than this assumption has recently been stated more often Other experts.

According to McAfee, so-called stablecoins, cryptocurrencies are tied to other assets for the named stability and privacy coins are well-suited cryptocurrencies, which pay particular attention to data protection, better than payment and Bitcoin accordingly has already been ranked

The Bavarian State Bank yesterday indirectly supported the McAfee thesis that Bitcoin is a store of value BayernLB moved in a new study comparing bitcoin and gold, from which the bank concludes that the bitcoin price will climb up to 90,000 dollar by 2020.


Source link