One man that has not been afraid to share his thoughts on Bitcoin and the power it has to grant financial freedom to the masses is former tech mogul, John McAfee. The cryptocurrency advocate has often been in the media about his bold claims for the future of the technology, as well as his opposition to governments and limitations on freedom.
McAfee arguably made one of the biggest price predictions for Bitcoin – back in July 2017 before it had even reached its all-time high of $20,000. He said that if Bitcoin did not reach $1 million by the end of 2020, he would eat his own genitals.
Now, unafraid of that prediction not coming true, McAfee has actually doubled down on his prediction for the price of Bitcoin, stating, during an interview with AIBCSummit, that the coin could reach $2 million by the same time point.
“Run the f***ing numbers. If Bitcoin is less than $2 million by the end of 2020, then mathematics itself is a flawed disappointment,” he stated.
This time, McAfee indicated were his predictions are coming from, and it is not just out of thin air like many would assume. The Bitcoin advocate is of the opinion that a number of mathematical, and by extension, economic, factors will push the coin to the price point – and he may not be wrong.
Putting a number of Bitcoin is always a thankless and perilous task, but the reasoning from McAfee, based on maths, points towards the coin rising substantially in volume.
In macroeconomic terms, Bitcoin’s supply is firstly capped – meaning there will never be more than 21 million coins in existence. But more than that, these coins are slowing in their circulating supply with the reward for unlocking a new block always halving at certain junctures.
The fact that coins will join the circulating supply at a much slower rate in the next 100 years, as well as that they will be scarce when fully mined, and the market is still relatively small for its current adoption, only points to an increase in value.
More so, McAfee could also point towards more external factors to back up his predictions as there is an ongoing wave of institutional adoption, especially in the blockchain space, and the investment with platforms like Bakkt breaking through.