The Bitcoin bull, a former antivirus mogul John McAfee, who sometimes expresses eccentric views on things and crypto coins’ prices, a few years ago made a forecast that the Bitcoin price would hit $1 mln by the end of 2020.
In a recent tweet, he confirmed that prediction and when speaking to Forbes recently, he explained in detail why Bitcoin would hit such a gargantuan price level.
Ignore this drop in Bitcoin's price. I am firmly with Peter Brandt in his medium term $50k price prediction. I am also firm on my $1 mil price by the end of 2020. Stop wringing your hands! Watch GOT reruns, or woo your spouse or finish off your drug stash. All is well. pic.twitter.com/gMFdLaVkQc— John McAfee (@officialmcafee) September 30, 2019
McAfee is still positive BTC will be worth $1 mln soon
In 2017, the year whose end saw Bitcoin reach an ATH of $20,000, John McAfee made a prediction that by the end of 2020, the Bitcoin price would hit $1 mln.
In a recent Forbes interview, he explained his way of thinking and why that he still holds on to it for several reasons.
Scarcity. McAfee told the Forbes writer:
Let’s get real, there are only 21 million bitcoins. Seven million of which have been lost forever, and then, if Satoshi is dead, add a few more million.
Bitcoin is restricted to a programmed supply of 21 million tokens. Other Bitcoin bulls, such as Anthony Pompliano, often cite this ‘unique selling point’ of BTC.
It's logic, says McAfee. Bitcoin will soon get more than 5 percent of total global financial transactions. As per the crypto baron, Bitcoin will grab not only 5 percent but even as much as 10% or 20%. This will be another driver for the Bitcoin price going to the moon.
In this case, he stated BTC would cost “$10 million per coin, based on those numbers.”
Finally, McAfee confessed that he is simply reluctant to change forecasts frequently.
I’m just a very conservative man. I said one [$1 million] and I’m sticking to one.
Other experts also name the upcoming Bitcoin halving in May 2020 as another main reason why Bitcoin price will surge tremendously. When it happens, rewards to miners will become twice as low, making Bitcoin more scarce than now.
Alternatives to Bitcoin for transactions
When asked about other digital assets that could be widely used in the future for financial transactions, McAfee named privacy coins (such as Monero, ZCash, etc) and stablecoins (Tether, TUSD, PAX, etc).
In particular, McAfee said DAI has the potential to become a popular stablecoin in the future.