John McAfee’s Prediction for Bitcoin
John McAfee just made an insanely bold prediction for Bitcoin – he thinks the price will reach $1 million before the start of 2021. He’s made some wild predictions before. Hell, he’s done some wild things before with his own neck on the line, let’s give him full credit. In fact, he’s put something arguably even more important to most men than their necks on the line, when he promised to eat his own manhood on national television if Bitcoin did not reach a value $500,000 per coin by 17th July 2020 – and that’s less than five months away!
We think there is very little chance of Bitcoin reaching $1 million before the end of next year. While it is true that Bitcoin has increased massively in value within very short periods of time in the past, in order to reach $1 million, it would have to rise at an annualized rate of approximately 1,400%! Historically, it is hard to think of any sustained rises in value of any asset, or even bubbles which have sustained such a rate of increase over any period measured over several months. McAfee is a true believer in cryptocurrency, so he is not looking for a bubble.
Anyway, he is going to need an even sharper increase just over the next few months to save his bacon. We know he’s eccentric and brave, we just hope not eccentric and brave enough to keep his bet when he loses it in the summer!
Meanwhile, Bitcoin has been stuck in a range below $5,000 per coin for the past three months. It’s a long way from the glory days of 2017!
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