One of the most outspoken and dedicated crypto enthusiasts out there is John McAfee who famously predicted Bitcoin could reach $1 mln by 2020 or he would “eat his own d**k. He has now tweeted that he is expecting a price boom in the near future that will push the performance of the top 10 crypto coins in the short term.
He also adds that the bulk of the altcoins will follow this boom which will come from institutional investors who are usually long-term investors.
Against the trend
Many predictions of Bitcoin and its alternative currencies making a move ‘towards the moon’ will come when the price of the cryptocurrency is on the rise. There have been some exceptions to this, such as Tom Lee’s predicting that Consensus would see the price boom, but that proved to be incorrect.
But many crypto commentators are still sticking by their predictions even in the light of a poor performing market. And now, McAfee is making a short-term prediction as Bitcoin struggles to maintain above $8,000.
Money with the institutionalized
McAfee’s point is that there is a building wave of institutionalized interest that is growing alongside heightened regulations. Banks are fighting to be the first to the market in terms of having a crypto trading desk, companies like Microsoft and Amazon are also in the Blockchain solutions market, and even governments are building their Blockchain branches.
These steps towards legitimization will help those with a lot of institutionalized money decide to branch out and start investing in things like cryptocurrency, and this is where McAfee sees the latest boom of money into the market coming from.
As many have pointed out, McAfee has been wide of the mark with his predictions in the past. But he’s insistent here that his views are not based on opinion.
Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!