Looks like it's time to stock up I guess... In 2017, the price of Bitcoin exploded. Seemingly every few weeks, the cryptocurrency would hit a new price milestone, mounting past $1,000, $5,000, $10,000, and so on in rapid succession. This upward price action led many to make zany predictions. John McAfee, the libertarian cybersecurity guru-turned-cryptocurrency proponent, for instance, argued that by the end of 2020, BTC would eclipse one million dollars. While many cynics have laughed off this, well, lofty price prediction, McAfee is sticking to his guns. In fact, he recently upped his prediction… Bitcoin To Hit 2 Million? In an interview with AIBCSummit, McAfee said the following: “Run the f***ing numbers. If Bitcoin is less than $2 million by the end of 2020, then mathematics itself is a flawed disappointment.” He backed this prediction by citing scarcity. In an interview with Forbes, he stated: “Let’s get real, there are only 21 million bitcoins. Seven million of which have been lost forever, and then, if Satoshi [bitcoin’s anonymous creator] is dead, add a few more million.” What he’s arguing is that with increased demand for Bitcoin, the ultra scarce nature of the cryptocurrency will lead to a surge in price as there won’t be enough coins being fed into the market at low price points to satisfy demand. A Bit Too Optimistic, No? Although McAfee has remained committed to his lofty price prediction through the thick and thin, not budging one bit, models — and even generous models at that — have shown that Bitcoin hitting $1 million by 2020 is highly unlikely, barring a fully-fledged collapse of the fiat financial system and a subsequent rapid global adoption of cryptocurrency. An analyst at Munich-based financial institution Bayerische Landesbank wrote that Bitcoin’s next block reward reduction will give each BTC a fair valuation of $90,000, correlating the cryptocurrency’s inflation rate to its market capitalization. The same model says that the analyst uses says that a $1 million price point will only become feasible starting from the block reward reduction after that, expected to take place in 2024 at the earliest. Also, engineer Harold Burger recently threw cold water on McAfee’s call. In an article titled “Bitcoin’s natural long-term power-law corridor of growth”, Burger remarked that Bitcoin fits into a natural “power law” price corridor, which has been tightening over time from a logarithmic perspective. It predicts that the BTC price will not reach $1 million until 2028 at the earliest, if at all.
Sure why not 10MM or 50MM? Just throw a number out there. Fake internet money with almost no real world adoption and constant hacking should easily hit 100MM within a year!
How come Warren Buffet doesn't go around claiming that Apple will hit $1000 or Coke will hit $80 in a few years? Seems that the only people that do that are holders of things of very speculative value.
Lol, funny, but such a simple and solid, killer argument. Yeah, Warren starts preaching, annual meeting : ,,I see,... Hmnnn,...I see ,... (shouts fast) BRK, 50 million within 2 years per share !" Munger would stand up from the table, and leave Maybe half of the audience as well. Meanwhile backstage : ,, Hey, someone, call 911... " And still , ironically, more chances of that happening.
Bitcoin is the perfect example of "social proof." In ambiguous situations where people don't know what to think or how to behave, they look to others who profess to be knowledgeable -- the (incorrect) assumption is that those others possess more knowledge about the current situation. That's all that is going on here.
short term wise, based on the selected experts opinion, Bitcoin might hit 1 million, 2 million, or even 10 million due to extreme human greed, human frenzy, novelty. Long term wise, based on experienced professional traders opinion, Bitcoin might hit 3 digits, 2 digits or even one digit due to the fact that cryptocurrency supply is endless, infinity. Why are are such a drastic different view? Professional writers earn money from writing. Professional traders earn money from trading. They cannot mix. They cannot be same person. Anyway do your own analysis and do whatever you want to do. ---------
No, it's real internet money, you can't counterfeit a Bitcoin. It's already adopted, as a store of value. No, you can't hack a coin. You can hack the exchanges, and wallets, but not a coin. Yes 100million is possible, just like going to 1 dollar is possible. This is the kind of attitude that a lot of people think about crypto. They have no idea because they've never dealt with it, but yet they think they know everything about it and where it's going, because it has "No intrinsic value man" That's fine, you can believe what you want. But don't talk to me about what your own personal prediction is when you are wasting your time in the crypto section of a forum that you don't even believe in. Now lets all stop with the hateful comments and sit back and watch the chart and let the market tell us what's going to happen. Not my prediction, not your prediction, we're going to watch the markets reaction. Have a good day