It seems like a ridiculous claim. With Bitcoin crashing from a record high at the end of 2017, how could we expect a price of $1 million or above? Anti-virus software pioneer John McAfee is extremely optimistic about the future of cryptocurrency, suggesting that the bitcoin price will continue to skyrocket and hit $1 million by the end of 2020.
TheDigitalArtist / Pixabay
Bitcoin Price: An Optimistic Outlook
The Bitcoin price was all over the news at the end of 2017, with the value surging to levels that were far beyond what analysts initially expected. With all of the hype surrounding the currency’s meteoric rise, amateur investors turned to the virtual coin in droves in order to capitalize on the exponential growth of this new investment opportunity. Those same investors were no-doubt devastated after the currency dropped more than 50% in the coming weeks, but some experts are holding out hope for the Bitcoin price to bounce back and surpass anything we’ve seen before – with McAfee even suggesting we’ll see it grow to over $1 million.
To experienced investors in cryptocurrencies, this recent crash was par for the course. While many first-time crypto buyers tried to cut their losses after seeing the value continue to go down, those that held out are already starting to see the Bitcoin price rise – slowly but surely and with plenty of bumps around the rise, but it’s possible that experts may be right in their anticipation of this virtual coin continuing to show promise.
Bitcoin Price: How Does It Work?
When discussing the trajectory of Bitcoin price – and any cryptocurrency value for that matter – it’s important to keep in mind how these currencies function by default. While many traditional investments are tied to something with real-world value – such as the performance of a company – Bitcoin price is based purely off of speculation. It’s a foreign concept to many new to the investment scene, and the volatility of cryptocurrency isn’t always stressed to newcomers who are looking to buy. Government regulation and even just unsubstantiated rumors can cause the Bitcoin price to plummet, leaving new investors with a massive loss on their hands if they aren’t willing to weather the storm.