Despite Price Slump, McAfee Predicts Bitcoin Will Hit $1 Million

Despite Price Slump, McAfee Predicts Bitcoin Will Hit $1 Million

Bitcoin has had a bit of a slump in price recently, but that has not made any difference to John McAfee, as he is still predicting that the price of Bitcoin will hit $1 million by the end of next year. That is a bold prediction and one that no one really can see coming true considering that the price of Bitcoin is currently under $10,000. Let’s look at what McAfee had to say and why he believes the price of Bitcoin is going to skyrocket.

You may have heard of McAfee, as he was the founder of one of the top software security companies in the world, McAfee Associates. What you may not know is that McAfee is a huge Bitcoin believer. He has made some bold predictions in the past, but if Bitcoin hits $1 million dollars, his latest prediction will be amazing. Why does McAfee believe $1 million dollars is a realistic price for Bitcoin?

“Let’s get real, there are only 21 million Bitcoins,” McAfee said to the media, “Seven million of which have been lost forever, and then, if Satoshi [Bitcoin’s anonymous creator] is dead, add a few more million.” The Bitcoin supply has been capped at 21 million coins so we know that no more are going to be created. There is no question that some Bitcoin have been lost and many people believe that Satoshi has a lot of Bitcoin in storage.

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Bitcoin is trading at around $8,000 and even the all-time high of $20,000 is nowhere near $1 million, but McAfee is not swayed. “In any case, just run some numbers,” McAfee said. “If bitcoin gets to be 5% of world financial transactions, which, you all know it will,” then bitcoin would be worth “$10 million per coin, based on those numbers.” McAfee then went on to tease a little bit and said, “I’m just a very conservative man, I said one [$1 million] and I’m sticking to one.”

McAfee left McAfee Associates in the 1990’s and has done a lot of different things since including considering a presidential run in 2020 in the Libertarian party. McAfee believes that the latest Bitcoin price drop is of no concern. “A store of value which will increase, probably for the next 15 years, so for the next 15 years, don’t worry,” McAfee said. “I don’t care if it goes down to $3,000 again,” he said. “It’s going to go up, we know it is.”

McAfee’s comments are not supported by some other well known financial experts including JP Morgan Chase CEO Jamie Dimon and market investor Warren Buffet. It will be interesting to see which camp is right. One thing we do know is that the Bitcoin price has been very volatile. It was less than two years ago that the price of Bitcoin was up near $20,000 and less than a year ago it was just about $3,000. The current price of Bitcoin is at about $8,000 and not many people know which way the price is going to go from here. What we do know is that there will be a lot more bumps along the way, whether that is down to $3,000 or up to the unthinkable price of $1 million.

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