Despite the recent decline, John McAfee continues to believe that the price of bitcoin will reach $1 million by the end of 2020.
McAfee is well known for having bet some time ago that the price of BTC would reach 1 million dollars by the end of 2020.
Actually, on July 17th, 2017, when the price was just over $2,000, he had tweeted that bitcoin would go up to $500,000 in three years. However, on November 29th of the same year, when the price had risen to about $10,000, he raised the stakes, raising the bet to $1 million by the end of 2020.
Yesterday McAfee reiterated his bet by asking why people pay attention to weekly fluctuations and noting that in recent months the price has actually risen dramatically. In fact, in one of the following tweets, he even states that the price at the end of 2020 could be much higher than 1 million, and he is not the only one who thinks so.
Yesterday’s tweet comes during a period of price decline, falling from over $12,000 to around $10,000 in four days, breaking a growth trend that had lasted since the beginning of April.
McAfee invites everyone to ignore these fluctuations in the short term, and instead concentrate on the medium/long-term trend, in particular on the one triggered at the beginning of April, which brought the price from about $4,000 to the current $10,000.
In fact, the price of bitcoin continues to be decidedly volatile, especially in the short term, while in the medium/long term it seems to follow a relatively constant upward trend.
This is also highlighted on Twitter by the analyst Plan₿, who has published a graph suggesting the presence of a trend that could bring the price of bitcoin to $100,000 after 2020, to $1 million after 2024 and to $10 million after 2028.
These are obviously only assumptions and it should be added that there are also those who believe that the exact opposite may happen. Today, however, the upward trend in the medium to long term is very difficult to deny.