Scarcity Would Allow Bitcoin Price to Hit $1M in 2020 Says, McAfee
By Luke Flowers – Cryptocurrency Dealer
2020 United States presidential campaigner and big-time Bitcoin (BTC) bull, programmer John McAfee continues to be optimistic and believes that the crypto giant will hit about $1 million in 2020. That’s if sentiment to buy Bitcoin stays strong.
Known for his brave prediction, McAfee is confident that BTC will reach $500,000 sometime next year. Also, during a Forbes interview on Sept. 30, he recently doubled down on the forecast of $1 million per coin in 2020. This would require some extraordinary crypto buying to increase the into the market.
McAfee, during the same interview, asserted the main reason behind Bitcoin’s surging price will be its scarcity. BTC’s supply is limited to about 21 million coins and a considerable portion of that may have been lost in time forever. McAfee said:
“Let’s get real, there are only 21 million Bitcoins, seven million of which have been lost forever, and then, if Satoshi is dead, add a few more million.”
Though many in the space would rejoice at such a high speculative price, McAfee’s prediction could be a bit optimistic.
Cointelegraph had reported that over 17,850,000 were mined back on the 1st of August. What this means is that over 85% of BTC’s total supply is now in circulation, which just leaves 3.15 million coins left to mine over the next 120 years. Should demand to buy Bitcoin continue as the supply decreases, there’s the potential for the price to rally higher.
BTC has added more than 100,000 coins into its supply since the 1st August, which according to data from Blockchain.com, has a circulation of about 17,968,000 at the time of writing.
Just last week, many users looked to cash out Bitcoin, which experienced a major sell-off when the crypto giant lost over $1,500 in under a day for the first time in months.
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