Tim Draper, the founder of Draper University had earlier predicted $250,000 Bitcoin (BTC) price by 2022, which most investors and observers in crypto space tagged as outrageous. Also, John McAfee, the British-American computer programmer and founder of Software Company known as McAfee Associates had once predicted $1000000 Bitcoin (BTC) price by the end of 2020, a prediction that seems impossible with the current fluctuation in the cryptocurrency market.
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
— John McAfee (@officialmcafee) November 29, 2017
Jesse Lund, head of IBM Blockchain, and Wences Casares, a director at Paypal who doubles as Xapo CEO, have opened the topic once again in the crypto space.
While the topic has been trending since with mixed feelings among cryptocurrency enthusiasts, Lund in his recent interview argued that Bitcoin (BTC) would surge up to a million in price at no distant time.
In his word, as revealed in a detailed essay published on Kana and Katana in March, Wences opined that Bitcoin may rise above a million dollar in the next 7 to 10 years.
The remittance Caesar, who said the possibility of Bitcoin gaining prominence is 50%, added that if the crypto asset succeeds, one Bitcoin may be above $1 million, a price that is 250 times its present’s.
Noting that investing in an industry like the crypto space is risky due to its newness and volatility, the director at PayPal who said only negligent investors put in more than they can forgo, added that it is unwise for any investor to not be acquainted with Bitcoin.
Positive Bitcoin Predictions on the Increase
While the crypto positive predictors accepted the seven-figure Bitcoin (BTC) forecast without a bit of doubt, some critics still found means to question the possibility of such an outrageous surge in price within the stipulated time.
To be candid, any Bitcoin enthusiast is liable to doubt such a prediction, but the trend and market situation within the time frame will determine the possibility of Bitcoin (BTC) leading world’s heavyweight assets like US Dollar, stocks market, real estates and others.
Although, nothing is impossible in the growing cryptocurrency market when big businesses of the world plunge in without allowing the fear of risk that accompanies their decisions to invest.
Bitcoin (BTC) $1 million Peak: a Certainty or Speculation?
It is just a prediction, but we can’t tag it as useless and throw it to the bin because the usual forecasters have metrics they analyze and follow before making any prediction. The total capital Bitcoin (BTC) will accrue if each of its coins cost 1 million dollars probably boosts the doubts of the critics as BTC total market capitalization would become 13.44 trillion dollars, sounds so outrageous?
This sum would make Bitcoin network richer than some world’s biggest economies like China and well-known companies such as Apple, Amazon, Facebook, etc.
Also, the reality of such a prediction would make BTC take 11.7 percent of Gross Domestic Product (GDP) of the whole world and 19.5 percent of global market. This is a big deal for BTC but is not a mission impossible if the Bull Run continues in the crypto market without maintaining this present instability.
Moreover, Bitcoin (BTC) itself has the ability to cause economic deflation which could concurrently increase its market value; nonetheless, Bitcoin’s enormous high demand from now would enhance the possibility of the forecasted seven-figure hallmark.
In conclusion, the 1 million dollar for one Bitcoin (BTC) would be an unreasonable and impossible price prediction due to the unstable price surge in cryptocurrency market. However, considering the past and present market data, one could simply deduce why experts stand with the possibility of Bitcoin (BTC) attaining a million dollar milestone.
The alternative coins in the crypto space should also rejoice if the prediction becomes a reality in the future as Bitcoin (BTC) sets the pace while others follow.