Computer programmer, prominent businessman, US Presidential Planner for 2020, John McAfee believes that the world’s largest crypto currency, Bitcoin, will reach $ 1 million in 2020. Its rationale is that bitcoin deficiency will raise its price to $ 1 million by 2020. Despite the recent decline in bitcoin price volatility, he has always insisted that:
“I said $ 1 million and stick to it”
McAfee’s statements in his interview
McAfee, best known for his daring prediction that BTC will reach $ 500,000 next year, recently interviewed Forbes on September for a forecast of doubling the price to $ 1 million and he defended his opinion again. In the interview, he stated that the main trigger for the bitcoin price increase would be its shortage. BTC’s supply is limited to 21 million coins, and much of it has been lost forever. McAfee said:
“Let’s be realistic, there are only 21 million bitcoins out of which nearly 7 million are gone forever, and if Satoshi is dead, add a few more million.”
85% of the total BTC supply is mined
According to reputable news websites, the amount of BTC extracted on has reached to 17.850,000. This means that 85% of the total bitcoin supply is in circulation and there will be only 3.15 million Bitcoins over the next 120 years. Since then, the BTC has added more than 100,000 bitcoin – and according to Blockchain.com, there are now 17,968,000 Bitcoin. The BTC has experienced a major downturn in the past few months, losing $ 1,500 for the first time in less than a day and then halting at its lowest price of $ 7,700. After seeing significant fluctuations this year, bitcoin has grown compared to the same point last year, but has dropped by almost 40% since the beginning of this year.
Bitcoin is a valuable asset
McAfee in the interview also emphasized his position on the main function of the BTC and called for it to be merely a valuable asset. He added that, digital currencies such as stablecoins and Privacy coins are more suitable for trading purposes. A few months ago, the big German bank BayernLB released a report that predicts Bitcoin will reach $ 90,000 in 2020 because of the halving.