Available data shows bitcoin’s price would need to rise by over $2,600 a day hit John McAfee’s $1 million per BTC by the end of 2020 price prediction.
From Twitter feuds to serious multi-million dollar hacks , crypto has never failed to provide a steady stream of daily drama in all shapes and sizes. This is, in part, due to the somewhat eccentric characters that are in the crypto space, many of which are drawn to the space by the freedom-first values that Bitcoin naturally relates to.
John Mcafee, the computer programmer known for founding the McAfee antivirus in 1987 and a prominent figure in the cryptosphere, John McAfee has been an outspoken supporter of Bitcoin, so much so that he has predicted Bitcoin’s price will hit $1 million next year.
Currently sitting at $6,710 , Bitcoin’s price has been dropping over the last few days. Despite this, McAfee is still confident that Bitcoin will reach the aforementioned prediction. When asked about it on twitter a few days ago, the response was nothing but positive.
Despite his attitude, things are looking grim for McAfee. A website created with the tracking his price prediction estimates that the BTC price needs to grow around $990,000 in total or $2,600 per day in order to reach the $1 million mark before the end of 2020.
The website details that what’s needed, however, isn’t unheard of. It shows there are two precedents in Bitcoin’s history where the flagship cryptocurrency surged exponentially. Between January 2011 and June 2011, it notes, the cryptocurrency surged from about $0.30 to $32.
The second precedent occurred between October 2012 and December 2013, when it went from little over $10 to over $1,000 per coin. It’s worth noting, however, going from $0.3 to $1,000 isn’t the same as going from nearly $7,000 to $1 million. Moreover, it’s been seven years since bitcoin has seen this type of growth.
As CryptoGlobe reported, McAfee has pledged to stop promoting individual cryptocurrencies to focus on his U.S. presidential campaign and promote crypto “on the national stage.”
Featured image via Unsplash.