Bitcoin (BTC) News – Can Bitcoin really hit $1 million?

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Predictions for Bitcoin (BTC) have always been the name of the game. However, quite a few of these predictions have come true as well. Considering the fact that Bitcoin (BTC) moved from $ 1- $ 20,000 in a matter of a decade, clearly states that the predictions can come true in Bitcoin (BTC). However, these days individuals are predicting that it can go as high as $ 1 million.

Can Bitcoin really hit $1 million?

Let us first look at the numbers. Currently, Bitcoin (BTC) is trading around $ 5000. If it has to hit $ 1 million, it will have to rise by 20,000%. In the previous bull run, Bitcoin (BTC) rose by 20 times. That is why; it is not exactly unheard of. However, because the current bear run is the longest one for Bitcoin (BTC), many people are shying away from these predictions.

Individuals making such a prediction:

The individual who has been at the forefront of these predictions is John McAfee. He has again reiterated recently on Twitter that by the year 2021, Bitcoin (BTC) will be around $ 1 million. If that happens, Bitcoin (BTC) will again give enormous gains from the current levels. He had earlier claimed that by the end of 2020, Bitcoin (BTC) would be trading around $ 500,000. It means that in a matter of just close to 18 months, Bitcoin will be up by 100 times. If that does indeed happen, it’s market cap will rise significantly.

John McAfee thinks that according to mathematics, it is impossible that Bitcoin (BTC) will be trading below $ 1 million by the year 2021. While he has not precisely revealed how he came to this figure but he is pretty confident about it. It seems like even the recent correction has not dented his confidence. He is pretty confident that his targets will be met.

What factors can propel it to such high levels?

One of the main factors which can propel it to such high levels is the increased usability. Only when the actual use of Bitcoin (BTC) increases, can it rise by such a significant amount. Bitcoin (BTC) was meant to be a transaction medium rather than just an investment. However, up until now, it has worked just as an investment rather than a transaction medium. If the actual use of Bitcoin (BTC) increases, that is only when it can rise by such exponential amount. Then also, it is difficult for it to rise to $ 1 million.

With the clamor of Bitcoin (BTC) hitting $1 million rising consistently, it remains to be seen whether these targets are met or whether they are just random predictions for Bitcoin (BTC).

About Priya 131 Articles
I am an IT engineer by qualification and like to explore the crypto and blockchain space in my free time.

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