bitcoin 2020
McAfee Predicts Bitcoin to Hit $1M in 2020
October 3, 2019
bitcoin 2020
McAfee Predicts Bitcoin to Hit $1M in 2020
October 3, 2019

Tech expert and founder of the world’s largest security company, McAfee Associates, John McAfee predicts Bitcoin to hit $1 million in the year 2020.

McAfee Predicts

McAfee, known for his brave prediction that BTC will reach $500,000 next year, defended his recently doubled down forecast of $1 million per coin in 2020 during a Forbes interview on Sept. 30.’

John said that Bitcoin’s scarcity will mainly trigger its price. BTC supplies limited to 21 million coins where a significant portion is lost forever.

“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.”

John McAfee

Bitcoin’s scarcity will trigger its price

On August 1st, mined BTC reached up to 17,850,000. It signifies that 85% of its supply are in circulation right now that leaves only 3.15 million coins to mined over the next 120 years.

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According to Blockchain.com data, BTC has since then added more than 100,000 coins to its supply, leaving a circulation of 17,968,000 as of now.

‘Last week BTC suffered a huge price drop where it lost $1,500 in less than a day for the first time in months. It touched a multi month low of below $7,800.’

According to Coin360, BTC is currently trading at $8,123.60 USD.

‘After seeing some notable volatility this year, Bitcoin is still up more than 27% compared with this time last year, when it was trading at $6,500.’

Bitcoin, a store of value

In a Forbes interview on Sept 30th, McAfee added that Bitcoin’s primary function is a store of value. He added that stablecoins and privacy coins are well suited for transaction purposes.

Major German Bank BayernLB released a report that Bitcoin will hit $90,000 in 2020 due to the upcoming halving.

Source:
CoinTelegraph.com
Forbes.com


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Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.
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