John McAfee predicts Bitcoin value to reach 1 million USD
McAfee confident on achieving the target by end of 2020
John McAfee makes yet another prediction on the value of Bitcoin. McAfee is the founder of McAfee Associates, a globally recognized American security software company. This is sort of an update to his previous prediction, as bitcoin value soars high above 10,000 USD on 29th November 2017. McAfee has been always confident and positive towards cryptocurrencies, specially Bitcoin.
McAfee’s earlier prediction
Earlier in July 2017, when Bitcoin hard fork was about to come on 1st of August, McAfee made a bold bet backing up Bitcoin to yield successful in future. This is when he made his earlier value prediction on Twitter. During that time, he predicted the value of one Bitcoin to go beyond 500,000 USD within the span of 3 years.
The prediction looked far-fetched back then, and some even laughed at him. But now with Bitcoin crossing over 10,000 USD mark, McAfee might be the one who will get the last laugh.
John McAfee on Twitter
On 29th November 2017, John McAfee made his latest prediction that surpassed the estimates of his previous prediction. He explains in a meaningful manner the reason behind his new valuation on Bitcoin;
“When I predicted Bitcoin at 500,000 USD by the end of 2020, it used a model that predicted 5,000 USD at the end of 2017. Bitcoin has accelerated much faster than my model assumptions. I now predict Bitcoin at 1 million USD by the end of 2020.”
Below is an extract of the actual Twitter post;
More theories on the way
Not stopping there, he made a re-tweet to @Likethewind5524 yesterday (30th November 2017) explaining his value calculations of Bitcoin;
“There are only 21 million Bitcoins. There are 2 billion working people in the world. Final Bitcoin value = (average individual economic productivity) × (number of productive people) ÷ (21 million). A GROSS simplification, but the answers is in the tens of billions $ per coin.”
There are many leading personalities that are now predicting targets for Bitcoin. Ronnie Moas, the famous stock picker changed his prediction of Bitcoin value from 11,000 USD to 14,000 by the end of year 2017.
Max Keiser, an American broadcaster and enthusiast on Hollywood Stock Exchange makes 1/10th of value prediction of McAfee, estimating for a value of 100,000 USD for Bitcoin in future.