John McAfee, Chief Cybersecurity Visionary of MGT Capital Investments has said that Bitcoin will reach $1 Million by 2020. In previous comments he said that Bitcoin could arrive at $500,000 in some few years.

Bitcoin Could Reach $1 Million Dollars

In the last hours the cryptocurrency market has been a rollercoaster. Less than 24 hours ago, Bitcoin arrived at the psychological level of $10,000 dollars. Once it has crossed this mark, the currency kept growing and touched another record: $11.400. When Bitcoin arrived at this point, a bearish market took the price down to $9000 dollars in jus four hours.

In this context, John McAfee has changed his predictions about future Bitcoin price. According to him, he was wrong when he predicted a $500,000 price. Now he believes that Bitcoin price will arrive at $1 million dollars by the end of 2020.

He wrote on Twitter:

“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 Bitcoin at $1 million by the end of 2020”.

Is McAfee Against Jamie Dimon?

Jamie Dimon, CEO of JP Morgan Chase, has said that Bitcoin is a bubble and that regulations will kill it. Since that moment, Bitcoin has arrived at new record highs and it didn’t explode yet. But he remarked that Blockchain, the technology behind Bitcoin, has a lot of value. Indeed, JP Morgan is working with this technology in order to develop a faster and more efficient service.

But John McAfee has answered Dimon:

“I don’t think that the Bitcoin rise has anything to do with the blockchain. It has to do with the belief in cryptocurrencies. When you use cryptocurrencies, you see the facility, you see the ease of use, you see that without a central bank control, the value of the currency depends on the users of that currency. More people is believing on it.”

Bitcoin has seen a price correction in the last hours. At the moment is being traded at $9500. It has moved more than $11 billion in the last 36 hours and its market capitalization reaches $165 billion. The cryptocurrency market follows the same negative trend. The top 69 cryptocurrencies are operating negative with the exception of Dash, that is 10 percent up.

The market is taking some gains after the incredible performance of the last months. Different currencies like Litecoin or Ethereum have also experienced great performances. As Charlie Lee has said on his twitter account: “Now take some profit off the table. You deserve it for believing when no one else around you did.”

 

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