Bitcoin Price Will Hit $1 Million by 2020 – John McAfee

bitcoin price prediction

Bitcoin Price Will Hit $1 Million by 2020 – John McAfee

How high can bitcoin price go? Bitcoin bull and anti-virus software pioneer John McAfee has revised his earlier prediction with a claim that bitcoin’s price could hit $1 million by the end of 2020.

On July 17, 2017, McAfee made a big claim. He predicted that 1 bitcoin will be worth $5,000 by the end of 2017. Bitcoin’s price hit a high of $19,303.74 on December 17, 2017 and closed the year at $12,629.81.

Using the same prediction model, McAfee previously claimed that bitcoin will hit $500,000 by the end of 2020. Since bitcoin price surged much faster in 2017 than he had projected, McAfee revised his claim upward to $1 million by 2020.

To achieve the target of $1 million, the price of bitcoin needs to increase at the rate of 0.4840957034310259% per day. Assuming Bitcoin will rise at this daily rate, and calculating a compounded rate for the remaining number of days until December 31, 2020, the predicted target seems achievable.

However, despite all the positives, the prediction notes that “there is still a lot that can go wrong. Do not invest more than you can afford to lose.”

This warning echoes the recent thoughts expressed by investment giant BlackRock, whose global chief investment strategist advised that only investors “who can stomach potentially complete losses” should opt for cryptocurrencies.

Predictions happen all the time in the world of trading and investments. Only time will tell if John McAfee’s predictions will bear fruit. For now, the debate will continue.

Bitcoin Price Will Hit $1 Million by 2020 – John McAfee

Related articles

stripe checkout

Stripe Updates Bitcoin Payments Advice

Online payments processor Stripe has updated its advice on setting up its service to accept bitcoin, saying the feature is set to come out of beta in January 2015 with a fee of 0.5% per transaction. San Francisco based Stripe, which allows businesses to accept credit card payments easily through the web or mobile devices, […]

Apple Policy Update May Open Door for Bitcoin Transactions

California based computing giant Apple has released an update to its App Store Review Guidelines that potentially opens the doors for a change in its long-restrictive policies against bitcoin and other digital currencies. The release follows Worldwide Developer’s Conference (WWDC 2014), an annual meetup of Apple developers that was expected to bring notable announcements for […]

Leave a Reply

Your email address will not be published. Required fields are marked *

*