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John McAfee said in 2017 that Bitcoin would be worth $1 million by 2020. Subsequently, Bitcoin only managed to surpass the $30,000 price mark.
Also, Chamath Palihapitiya predicted that Bitcoin will be worth $1 million in 20 years (in 2047).
Likewise, Harold Burger said BTC can’t be worth $1 million before 2028 and not after 2037. A member of the board of directors at PayPal (Wences Casares) also said the same thing but chose a different time frame of five to ten years, to 2017.
A hedge fund manager, Raoul Pal, also predicted that it will take five years (from 2020) for BTC to attain the $1 million value per coin.
However, last week, the craziest Bitcoin prediction was released. The prediction said that Bitcoin would attain $1 million worth per coin in 90 days! This is the craziest prediction of them all, for sure.
The Most Recent and Craziest Bitcoin Prediction
Last week, an investor, an entrepreneur, the former chief technology officer at Coinbase, and a founder of a multibillion-dollar company placed a bet of $1 million on his prediction that BTC will be worth $1 million per coin in 2 months (90 days) at most. This man said that banks and central bank regulators are aware that a massive crash is on the way. He mentioned that the previous crash of Silicon Valley and Silvergate banks is only a fraction of what’s coming.
He further debated that the Federal Reserve’s guidance was to blame. In December 2020, the medium-term interest rate calculated by the Federal Reserve was 0.1%. Nevertheless, in place of that, we got 4.75% this year (2023). He then mentioned that banks that bought long-term bonds based on the December 2020 Fed’s guidance were destroyed.
The question one needs to ask is if this crisis is catastrophic enough to make the US dollar go into hyperinflation. Also, even if it does cause hyperinflation, will Bitcoin be the biggest beneficiary from it?
How can Bitcoin Attain the $1 million Price Mark?
At first, for BTC to worth that much, then it must have a market capitalization of $20 trillion (which doubles gold’s market capitalization). The highest estimate of global funds is more than $1 quadrillion, and this includes all the financial instruments there are. And, should 1.75% of this find its way into BTC, then we would witness the $1 million per Bitcoin price. This is possible but not plausible, and it will take more than 2 months.
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