Bitcoin Price Will Reach $1 Million in 2020, Or You’re an Idiot: John McAfee
John McAfee has branded naysayers of his $1 million bitcoin price prediction 'stupid' for applying traditional market indicators. | Source: AFP PHOTO / FRED DUFOUR
By CCN.com: $1 million. That’s what John McAfee believes each bitcoin will be worth by the end of next year. And McAfee better be right, because if the bitcoin price isn’t at that level in the next 20 months, he will have to eat his d**K on national television.
Well, that’s what he had said three years ago when he first claimed that the bitcoin price was going to $500,000 by the end of 2020, before doubling down on his projection a few months later. With his manhood on the line, it is not surprising to see that John McAfee keeps trying to tell us to value bitcoin the correct way.
John Mcafee: We Don’t Value Bitcoin Right
John McAfee uses every positive bitcoin price forecast to parrot his own $1 million target, telling Twitterverse that anyone not buying into his price target is “stupid.”
This is the second time in less than a month when McAfee is telling us why bitcoin will definitely hit the million dollar mark by 2020.
McAfee says that it is “mathematically impossible” for bitcoin to be valued at less than $1 million by the end of the decade, though he doesn’t get into the specifics of how he has arrived at that number. He, however, does keep on saying that the market is wrong in valuing the bitcoin price based on the stock market’s fundamentals.
Of course, he is right in that regard because unlike stocks that represent a unit of ownership in a traded company, bitcoin is a digital currency that’s meant to carry out transactions. But the massive volatility in the bitcoin price has given birth to an army of skeptics who have reduced it to speculative investment, believing that it cannot be a store of value.
However, that mindset seems to be changing now, bringing new bitcoin buyers into the crypto ecosystem that could move the needle in McAfee’s favor. But will that be enough to push the bitcoin price to $1 million in a matter of around 20 months?
Can Mcafee Avoid the Embarrassment?
Bitcoin price has ranged between $5,800 and $5,680 over the past 24 hours.
So the crypto asset needs to rally a humongous 17,500% in 20 months to hit the $1 million price McAfee predicts. Simply said, the bitcoin price needs to increase at an average of around 875% every month to get to a million dollars.
This is a bit tough to digest, even though there’s a major positive development happening that could propel the bitcoin price higher.
The previous bitcoin price rally was driven by large purchases by retail investors. Things are different this time around as institutional interest in bitcoin is increasing.
Video ads are being taken out to advise investors to put money into bitcoin instead of traditional safe-haven investments such as gold.
But despite all this positivity, not many bitcoin bulls believe that the digital currency will be worth a million dollars, at least within McAfee’s time frame.
Some Sane Heads Here
Wences Casares, the CEO of Xapo and a director at PayPal, estimates that the price of each bitcoin could hit $1 million, but that might take up to a decade. But even then, he says there’s a 50 percent chance of his prediction going wrong.
Other bitcoin bulls such as Tim Draper believe that the price of bitcoin will be at $250,000 by 2022. Fundstrat Global Advisors, a Wall Street research firm that’s bullish on bitcoin, indicates that the cryptocurrency could be on its way to $20,000 by next year, which misses McAfee’s bitcoin price target by 50x.
In the end, we can conclude that while there are a lot of positive bitcoin price targets out there, none of them is as insane as John McAfee’s. That’s not surprising as billions of people will need to buy bitcoin to save McAfee the embarrassment of eating his d**k on TV, and that’s probably not going to happen in a space of just 20 months.
