It’s a very important question to ask, isn’t it? The Scarcity and Usability of Bitcoin are some of the factors that influence its value. The Digital Gold is roughly estimated to be at the price of $1 Million Dollars by 2020 as stated by John McAfee in a tweet.
Bitcoin has been one of the controversial topics in the investment and regulatory matters, but the value it holds cannot be degraded forever. The Prediction curve of Bitcoin estimates that the current value should be $23,284.87 dollars but in reality, the actual value is 72.98% below the predicted price in bircoin.top
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
The Emergence of Bitcoin prediction Cycle.
It hasn’t been long since John McAfee predicted the price of bitcoin to be $1 Million Dollars by 2020. Inspired by this, several mathematical algorithms and formulas were used to predict the Bitcoin price over time. The prediction started on 17 August 2017, and the graph shows very optimal results till 10 May 2018.
To accomplish this, Bitcoin has to increase its value by 0.48% every day. The red line indicates whether we are on track or not. You must remember the market during the December 2017 when the market was plunged with the price of $20,000 Dollars for Bitcoin. We were way above the predictive growth and then the price corrected and again corrected its state to come close to the prediction line which people considered to be the bear market. But most importantly, the price of bitcoin has become stable since that.
The important aspect to notice here is that, in order to attain the price of $1 Million Dollar, Bitcoin needs to have a market capitalization of roughly $20 Trillion dollars as portrayed on the website. yet the market cap comes to less than $1 Trillion Dollars. Now there are several factors to be considered here. Scarcity and Usability are some of them.
It’s important to note that there are approximately 3.7 million bitcoins, which are unused today. The usability of digital gold may increase with time and so can price. But the recent regulatory actions for the cryptocurrencies are making the market stagnant.
Let see the prediction graph:
In May 2018, Bitcoin corrected its price to resemble the prediction curve slowly. But since then we see a bear market. There can be many reasons for it. But never ceased to surprise us. we never know where the market can go, but we can be sure about this that bitcoin is not dying anytime soon. It is going to be popular and popular.
The Graph indicated that the price in 2 months from now will be at $29,440.8 Dollars and $39,156 Dollars two months later.
Going to 2 months further the price is supposed to be $52,556.94 Dollars and $70,768 Dollars in August 2019. One Year later, the price is going to be $400,000 dollars. according to prediction.
Bitcoin has been knowing to get itself to the prediction standards previously and it won’t be surprising that it’ll do it again.
Some of us might be thinking if this is the right time to invest. But one year down the line we’ll probably be thinking if we’d have invested in the price range below $10,000 dollars.
While fluctuations still remain there, Bitcoin will surely be the Digital Asset to touch the million and it’ll make the crypto industry humongous.
Also read Can Bitcoin replace Gold