How high can cryptocurrency mania go? Bitcoin bull and anti-virus software pioneer John McAfee has revised his earlier prediction with a claim that bitcoin‘s price could hit $1 million by the end of 2020.
On July 17, 2017, McAfee made a big claim. He predicted that 1 bitcoin will be worth $5,000 by the end of 2017. Bitcoin’s price hit a high of $19,303.74 on December 17, 2017 and closed the year at $12,629.81.
Using the same prediction model, McAfee previously claimed that bitcoin will hit $500,000 by the end of 2020. Since BTC prices surged much faster in 2017 than he had projected, McAfee revised his claim upward to $1 million by 2020.
Bitcoin Price Prediction Tracker portal, Bircoin.top, explains the mathematics behind McAfee’s prediction.
To achieve the target of $1 million, the price of bitcoin needs to increase at the rate of 0.4840957034310259% per day. Assuming bitcoin will rise at this daily rate, and calculating a compounded rate for the remaining number of days until December 31, 2020, the predicted target seems achievable…