Where Will Bitcoin's Price Go Next?
3 months ago
The $1 million per Bitcoin forecast looks like an extremely unreasonable price to be assigned to one single Bitcoin, especially in a time where Bitcoin is struggling. However, if you take a look at current and past data, you might see why so many cryptocurrency experts are seemingly convinced that it is actually possible for BTC to reach the ellusive million dollar mark. Is Bitcoin at $1 million really possible?
Before you go ahead and dismiss the outrageous amount of $1 million per Bitcoin, you have to remember that Bitcoin ever since its inception has continued to proof the largest of skeptics wrong.
In the beginning of 2011, it seemed impossible for Bitcoin to ever reach the value of even one single dollar. However, throughout the years Bitcoin has shown impressive resilience, having survived multiple painful bear markets. Every time Bitcoin came back with a vengeance reaching new all-time-highs.
Whether it was $100, $1000, $10,000 and eventually $19,783, each and one of those prices were considered to be an impossible milestone at some point in the past, and Bitcoin smashed them all anyway.
Read more: Is Bitcoin dead? 8 reasons why it is NOT
Many leading cryptocurrency experts believe Bitcoin is on its way to absolute world domination.
'Bitcoin at $1 million is still on'
One of those is the colorful cryptocurrency fanatic John McAfee who famously predicted that a single Bitcoin would be worth a massive $1,000,000 by the end of 2020.
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
5:56 PM - Nov 29, 2017
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The relentless ongoing crypto winter clearly didn't have any influence on McAfee's prediction. In September 2018, he reaffirmed his prediction that Bitcoin will hit $1 million by the end of 2020.
'I think it is impossible to be anything less than that. The bet is still on', McAfee repeated.
Read more: John McAfee repeats his prediction: 'by the end of 2020 BTC will be $1 million'
However, for Bitcoin to be on track with McAfee's prediction, BTC should be at around $32,500 around this time, at the start of 2019, and break the $100,000 barrier by September 2019. Bitcoin should be growing at a rate of 0.79% per day to get from $3,600 to $1,000,000.00 by the end of 2020, which doesn’t seem to be the most plausible way for the market to develop today.
On the other hand, Bitcoin has shown that kind of growth for most of its existence, so don't rule it out just yet.
Another leading crypto expert, Bobby Lee, brother of Litecoin creator Charlie Lee and co-founder of BTCC, China’s first bitcoin exchange, joins McAfee in his $1 million per Bitcoin prediction. However, Lee predicts Bitcoin will hit this number within 20 years.
'Bitcoin, I think will get to $1 million per bitcoin. It will go to 100,000 and then 200,000, 500,000', he said.
'Half a million, that’s going to be a milestone and then eventually it will cross $1 million for bitcoin.'
Read more: 9 Bitcoin price predictions for 2020 by crypto experts
One of the more appealing reasons for Bitcoin to hit $1 million per coin, is that Bitcoin is scarce. There will only ever be 21 million Bitcoin in existence, with a vague approximation of the last Bitcoin block to be mined in 2140. Bitcoin is scarce and has utility as a superior way to store and exchange wealth.
Bitcoin's scarcity already had a huge impact on the demand for Bitcoin and this will continue as time goes on and supply continues to decrease. There is no doubt that digital scarcity will make Bitcoin exponentially more valuable over time.
Many claim that this set market cap makes Bitcoin already more desirable than other assets. More desirable than gold even, which could end up being replaced by Bitcoin entirely and if the number one cryptocurrency was to replace gold, one Bitcoin could be worth around $380,000, which is already more than 1/3 of the way to the $1 million mark.