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2020

It was during that bullish run McAfee made his bold prediction of a million dollar BTC in December 2017.

McAfee had said that his model priced each bitcoin at $5,000 at the end of 2017. The cryptocurrency was trading at more than double of that level at that time, prompting McAfee to claim that $1 million was possible by the end of the decade.

McAfee’s latest tweet makes it clear that he is sticking to that prediction. But even the most ardent of crypto enthusiasts will take McAfee’s wild claim with a pinch of salt even if he backs it up with mathematical data.

Bitcoin is currently worth just over $5,200. So it will have to jump nearly 20,000 percent from its current levels to hit McAfee’s target in just over two years. And that’s assuming that there are no corrections along the way. People holding bitcoin right now will be prompted to cash in their gains if there is a rapid price rise in a short space of time.

If we go back to 2017, the price of bitcoin jumped just over 20 times in the span of a year before crashing down, though one executive believes that the $20,000 price was an anomaly.

So it won’t be surprising if the $1 million bitcoin prediction turns out to be a wild fantasy by the end of 2020. But that hasn’t stopped a few others from joining the bandwagon.

More calls for $1 million

According to Wences Casares, CEO of Xapo and a director at PayPal, bitcoin could be worth more than $1 million in the next 7 to 10 years. Casares states that there is at least a 50% chance that his opinion might succeed, so he is not as bullish as McAfee.

Casares’ prediction is driven by the success of bitcoin and how the cryptocurrency could be adopted globally in the long run. The lack of efficient and cost-effective financial services in certain geographies could drive the number of bitcoin users higher in the future.