The overlord of browser security is once again taking to the Twitter feeds to predict a tidal wave of activity in Bitcoin value by next year.
Cointelegraph’s Marie Huillet is reporting this morning on a new tweet by John McAfee that she refers to as “doubling down” on prior sentiments that were already pretty clearly expressed.
McAfee’s emphatic pronouncements that Bitcoin value will rise to $1 million per coin by 2020 are already a matter of public record.
As early as two years ago, he was already predicting a $500,000 coin in a pretty colorful way – offering to consume his own genitalia on live television if the price failed to rise to that mark.
For those who like to analyze the veracity of prophets by their histories, it’s important to note that McAfee currently lives in exile in Cuba, due to tax evasion charges.
His sentiments on Bitcoin, though, are not unusual, except perhaps in their extremity.
In her report, Huillet points to 300% returns on Grayscale Investments Bitcoin Trust, a fund based on cryptocurrencies, along with the positive three-month value spike of Bitcoin, which at certain times was identified as “parabolic” by analysts.
It will take more parabolic activity to get Bitcoin anywhere near $500,000-$1,000,000 per coin by 2020. We’ve called 2019 the “year of the blockchain” and it has been representing a rapid sea change for cryptocurrencies, but moving the value of an asset to double within half a year is not the same as moving it to double itself another several times in the year to come.
Investor projections are all over the map, some calling for an additional $20,000 rise, some confident enough to predict Bitcoin at $100,000 by the end of next year, and some, like McAfee going all in, going big and making those bold projections that seem to others to be well-nigh impossible.
Those big numbers are important for investors, though, because they represent part of a philosophy that digital currencies are ultimately going to prevail. If so, it would almost seem like a no-brainer to purchase as much crypto as you can now, in order to benefit from those big gains. But buyer beware – there is lots of volatility in Bitcoin.