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, 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.
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.
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