Bitcoin Price Predictions: $1 Million or Zero?
As time went by, Bitcoin's price fluctuated on multiple occasions. Be it for good or bad, with every change that came, Bitcoin's fans tried to guess where would it go next.
From 2017 to 2018, we saw sizable Bitcoin growth, followed by a wild year in 2018 were Bitcoin went on a subsequent crash. In just a few months, we witnessed Bitcoin's rise to more than $19,000 and then it's fall to a low of roughly $3,000 per Bitcoin.
In 2019, an upward trend resumed, recording substantial growth since the start of the year, hinting at what could potentially be another bull market.
Since then, hundreds of bitcoin price predictions have been made. People constantly discuss Bitcoin's future and when it will recover its all-time highs.
The McAfee "Bitcoin at 1 million" prediction
In July 2017, John McAfee posted on social media stating that one Bitcoin will be "worth $500,000.00 in three years."
Later, he recalculated his prediction, saying that at the time of his tweet, he used a model that predicted Bitcoin at $5,000 by the end of 2017. Seeing how by that time Bitcoin surpassed his model assumptions, he changed his prediction, placing Bitcoin at 1 million by the end of 2020.
According to McAfee's prediction, each day, Bitcoin should grow on a rate of more than 0.48% per day, from the day he published his prediction on twitter (2017/07/17) to the last day of 2020.
"It is still two and a half years away," says McAfee, as he continues to stand by his prediction. He estimates that Bitcoin growth will continue, while the US dollar along with other fiat currencies, will devalue.
McAfee's vision of BTC comes to a future where in the next ten years, everything would be handled through cryptocurrencies. He believes that "there'll be no fiat anywhere in the world."
Joe Davis prediction of zero
While many assume and believe that Bitcoin will be worth an enormous amount of money, this wouldn't be the case for the economist Joe Davis; he believes that Bitcoin future price will end up at zero.
"As for the currency Bitcoin? I see a decent probability that its prices go to zero." said the economist. He sees Bitcoin growth to be a result of speculation.
He says that, due to Bitcoin's volatility, it is a poor store of value, advising people to invest their money in tried-and-true assets only.
Bill Gates shares the same view, saying that Bitcoin market would eventually implode. However, as the Bitcoin market is rapidly evolving, there might be a simple way to short Bitcoin before Gates and Davis' prediction becomes true.
Tim Draper's Upward Trend of $250,000
The founder of Draper Associates and DFJ, Tim Draper, sees Bitcoin future price reaching $250,000 by 2022. However, he didn't put a figure on how Bitcoin ended in 2018; he focuses only on its generally upward trend to the $250,000 level.
According to Draper, Bitcoin will increase to a level where it wouldn't matter if it goes lower for a bit; it would rise again. During an interview, he said: "maybe it will dip further… I made that prediction, and I'm sticking to it. $250,000 by 2022 for Bitcoin."
Max Keiser prediction from $28,000 to $100,000
A partner of Heisenberg Capital, Max Keiser, he predicts that Bitcoin growth in the future would surpass its 2017 mark of $20,000. According to Max, there would be price gaps, that should drive Bitcoin over the $100,000 mark.
"The move to $28,000 will be crisis-driven," he said on Twitter, adding that after that, no Bitcoin would be "available for under $100,000".
Max Keiser said that 2019 might end with Bitcoin crossing above the $15,000 price level or so.
Tom Lee Prediction
The ex-Chief Equity Strategist JP Morgan, Tom Lee, said that the break-even cost that comes after mining 1 BTC directly correlates with the price of the currency.
As long as more institutional investors get on rails with Bitcoin, the cryptocurrency will continue to grow along with a steady increase in Bitcoin user base. He even said that US President Trump and his remarks could end up triggering a bull run on its price.
What could we expect from Bitcoin's future?
In 2019, Bitcoin growth has been performing surprisingly well, and in the last months, it started its bull run. Taking into consideration that there is less than 4 million BTC to be mined from its 21 million capacity, Bitcoin's value will increase further. By the end of 2019, the Bitcoin price could surpass the $23,000 level.