{"id":7303,"date":"2020-01-10T20:50:27","date_gmt":"2020-01-10T18:50:27","guid":{"rendered":"https:\/\/forklog.media\/?p=7303"},"modified":"2020-01-20T02:35:35","modified_gmt":"2020-01-20T00:35:35","slug":"four-thousand-or-one-million-forecasting-the-price-of-bitcoin","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/four-thousand-or-one-million-forecasting-the-price-of-bitcoin\/","title":{"rendered":"Four Thousand Or One Million? Forecasting the Price of Bitcoin"},"content":{"rendered":"

Crypto media outlets and social media teem with price forecasts for Bitcoin and other cryptocurrencies. Bitcoin maximalists are usually confident that the market has stellar prospects while supporters of government regulation, stock markets, banks and other “traditional values” often make downward forecasts or even predict the collapse of the entire industry.<\/span><\/p>\n

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Is it then surprising that the forecasts are so dramatically different from each other? But how does one navigate this endless stream of predictions?<\/span><\/p>\n

ForkLog magazine offers an overview of the most interesting Bitcoin price forecasts from the market experts and celebrities.<\/span><\/p>\n

Bitcoin optimists: $10,000 to $1,000,000<\/b><\/span><\/h2>\n

$1,000,000+<\/b><\/span><\/h3>\n

Let’s start with the most optimistic bitcoin enthusiast. More than two years ago McAfee Security antivirus creator John McAfee has made perhaps the most extravagant forecast ever. He <\/span>promised<\/span><\/a> to “eat his dick on national TV” if by the end of 2020 Bitcoin will not cost $500,000.<\/span><\/p>\n

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A few months later McAfee <\/span>raised the stakes<\/span><\/a> setting a target mark of $1 million. The entrepreneur <\/span>explained<\/span><\/a> his confidence in such a bold forecast:<\/span><\/p>\n

\u201cLet\u2019s get real, there are only 21 million bitcoins. Seven million of which have been lost forever, and then, if Satoshi is dead, add a few more million,\u201d<\/b> he said, apparently appealing to a scarcity crisis which in his mind was about to hit Bitcoin.<\/span><\/em><\/p><\/blockquote>\n

He is sure that the first cryptocurrency will account for 5% of global financial transactions or even more. Furthermore, based on the available number of coins bitcoin can potentially cost as much as $10 million, says McAfee. We\u2019ll see if he was right at the end of 2020.<\/span><\/p>\n

$500,000\u2013$1,000,000<\/b><\/span><\/h3>\n

The former CEO of the oldest Chinese BTCC crypto exchange Bobby Lee is another true believer in Bitcoin\u2019s supremacy. Recently he <\/span>expressed confidence<\/span><\/a> that by 2028 the price of bitcoin will reach $500,000.<\/span><\/p>\n

Lee compares the first cryptocurrency to gold, whose market caps at about $8 trillion. According to him within 9 years the price of BTC will exceed $ 500,000 and as a result, Bitcoin will surpass the gold market in terms of capitalization.<\/span><\/p>\n

\"Bobby<\/a><\/p>\n

Lee believes that Bitcoin will not stop at the $500,000 mark either.<\/span><\/p>\n

\u201cAnd with all of the money printing that\u2019s happening globally, BTC will actually very likely be over $1 million,\u201d<\/b> the expert said.<\/span><\/em><\/p><\/blockquote>\n

In addition to the macroeconomic component, Bobby Lee substantiates his forecast with the deflationary nature of bitcoin. Bitcoin becomes even more scarce after each halving, reducing emission and, consequently, inflation.<\/span><\/p>\n

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#Bitcoin<\/a> was designed to be SUPER valuable over time.
First 10 yrs, there were only 2 block reward halvings, but the next 10 years, there\u2018ll be 3 (that\u2019s 50% more)!
By 20th year, daily new output will just be ~255 BTC \u2014 yearly inflation of less than 0.5%. More scarce than #gold<\/a>!<\/p>\n

— Bobby Lee – Ballet: World's EASIEST Cold Storage! (@bobbyclee) November 10, 2019<\/a><\/p><\/blockquote>\n