Can Bitcoin’s Value Reach Over $500,000 in Three Years?

What do you mean by right? John made a prediction and, as with any prediction, it can be right or wrong but only time will tell. We have no definite way of knowing about Bitcoin’s price tomorrow but you want to know its price in the next three years.

I know there are people who think they’re good at predicting and can “know” Bitcoin’s price a week ahead. If you’re the type of person who uses technical analysis tricks and all kinds of scenarios, can you anticipate the BTC price of tomorrow? Let’s say you have a figure, but what would you do if the Japanese banks suddenly decided to take a more severe approach against the crypto market? Can you anticipate that? Are you an insider? Who could expect South Korea’s move to initiate more regulation and even hint that some crypto exchanges might get closed? Events like these could drive the price in different directions, and in three years anything can happen.

I’ve already explained my position to similar questions here:

Min Park’s answer to How much will 1 bitcoin be worth in 2026/27?

We can think about a price range, but it would be really broad – like from a few hundred to six figures – it depends on the adoption level of cryptocurrencies. Moreover, Bitcoin can even reach $1,000,000. Yep, this is actually what McAfee said.

Initially, McAfee said that he would do a painful thing to himself…so to speak if Bitcoin doesn’t reach $500,000 by 2020. However, the recent rally made him more confident about the cryptocurrency, so he updated his prediction, saying that he would do that thing if Bitcoin doesn’t reach $1 million by that time.

He tweeted:

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. I will still eat my dick if wrong.

 

So, how can I know whether McAfee is right or not given that he himself cannot exactly determine his prediction?

Hope this helps!

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