Most of those who keep tabs on cryptocurrency news have heard John McAfee’s infamous Bitcoin price prediction:
One of the loudest names in IT and crypto spheres, McAfee always makes cynic passes at companies and other crypto market players but seems to be deeply fond of Bitcoin. Despite the severe bearish fever of the crypto market in Q4 2018, McAfee doesn’t give up on his belief. He is sure that BTC will hit $1 mln by the end of 2020. He didn’t give any price prediction for 2019 yet, but, according to his Bitcoin prediction 2020, BTC should be around $170,000 on December 31, 2019 to be able to hit the $1 mln mark a year after.
According to the McAfee Prediction Tracker Bircoin.top, Bitcoin should be growing at the daily rate of 0.484095526% from the day McAfee published his BTC price forecast to December 31, 2020, to reach the $1 million threshold.
Is it just another loud statement (which is quite McAfee’s style), or is there a grain of truth in this forecast?
Alternative Opinion: Crypto Pundits Don’t Share McAfee’s Optimism
While McAfee gives blurry arguments in support of his announcement, other crypto experts describe clear, unbeatable reasons for Bitcoin to grow. Their predictions, however, are not such astronomical numbers as $170,000.
According to Michael Novogratz, CEO of investment firm Galaxy Digital, Bitcoin should hit $10,000 by the end of the first quarter of 2019. “And after that, we will go back to new highs — to $20,000 or more,” he told the Financial Times in an interview in November 2018. The main reason for that is the flow of institutional investors.
Sonny Singh, the Chief Commercial Officer of Bitpay, agrees with Novogratz: he claims Bitcoin can crawl to $20,000 by the end of 2019 and won’t drop below $15k afterward. He is sure that the general market bull run will be driven by institutional investors, such as BlackRock, Square, and Bakkt. "Next year will see new players and miners emerge in the industry. We will not see any rapid shift but by the end of Q1 or Q2, Bitcoin will emerge as a viable commodity," he said.
Anthony Pompliano, the founder of Morgan Creek Digital Assets, is less optimistic. He claims the bear market will overtake until Q3 2019 before we see any positive changes (the current bear market should last for about 650 days, he reckons). Pompliano says Bitcoin can drop below $3,000 this year before it starts recovering.
Arthur Hayes, the CEO of crypto derivatives exchange BitMEX, has pretty much the same prediction: he also predicted Bitcoin to reach $50K in 2018 but changed his mind in the opposite direction. Now he says 2019 won’t see a bull run at all.
Ronnie Moas, a cryptocurrency analyst, predicted Bitcoin will reach $28,000 in the course of 2019. He believes the BTC price will rise thanks to the increasing demand and decreasing supply of Bitcoin.
Fran Strajnar, the CEO of crypto research firm Brave New Coin, is the only crypto expert to believe McAfee’s prediction: he expects Bitcoin to reach $200,000 no later than January 1, 2020.