Cryptocurrency will reach a huge value within a year. Unrealistic utopia or well-founded thesis? Word from the experts
John McAfee has predicted that Bitcoins will reach a value of $1 million within a year. A few years ago, the cybersecurity expert predicted that the virtual currency would reach $500,000 in value, but at the end of 2017 he upped the ante, confirming his hunch a few days ago.
The cybersecurity expert revealed this in one of his latest tweets, admitting that it is virtually impossible for the value of a Bitcoin to be less than $1 million by the end of 2020. The virtual currency has been gaining in value over the past few years, reaching a record high in late 2017 and early 2018, only to collapse over the past 12 months. Many believed that this trend would lead McAfee to revise its positions, but this was not the case.
Will the cryptocurrency be worth $1 million?"
Bitcoin did not have a happy 2018, in fact it lost about 80% of its value in the last year. The price of a virtual currency has plummeted: it was worth $17,500 in January to just $3,800 in December. McAfee, however, has always been confident in the potential of cryptocurrency, and at the end of 2017 he made a prediction that amazed everyone: Bitcoin would reach a value of $1 million by 2020.
In his latest tweet the expert, McAfee confirmed his assessment. Currently a Bitcoin is worth just over $5200, so the target set is hard to reach. But if we look at 2017, its price increased 20 times in one year - before collapsing in 2018 - so anything can happen.
What does PayPal's director think about it?
According to Wences Casares, CEO of Xapo and director of PayPal, he says there is at least a 50% chance that McAfee's prediction will succeed. The CEO justifies his optimism by saying that there are several chances that cryptocurrency could be adopted globally in the long run. Unfortunately, this has not yet happened due to the absence of financial infrastructure needed to spread the culture of Blockchain.
The expert estimates that the current value can be calculated by multiplying the number of users by $7000. This formula considers that the people who own bitcoin are about 3 billion worldwide. Despite this calculation, however, we are still far from the goal thought by McAfee. But Casares says he is convinced that users are destined to increase rapidly, despite the 2018 slowdown. We only have to wait until the end of 2020 to see if the Bitcoin expert's assessments are well-founded or the result of an impractical utopia.