Vocal Bitcoin supporter and businessman John McAfee remains bullish on the almost nine-year-old cryptocurrency and expects that it will continue to rise in value.
Even amidst concerns over Bitcoin’s hard forks and its recent violent price fluctuations, the colorful founder of the first commercial anti-virus program believes the cryptocurrency has a bright future.
To be sure, Bitcoin has undergone such split off events before. Also, China cracked down on cryptocurrency exchanges, effectively barring citizens from any related transactions, and the impact of both moves was short-lived and Bitcoin’s price went up again.
Over the past weeks, McAfee was able to draw a huge amount of attention from the technology and business press onto his social media profiles by making some very bold statements regarding Bitcoin and some digital tokens. Last Thursday, McAfee announced through his Twitter page that he will be discussing a new coin every day.
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It’s been a wild ride for Bitcoin in December. When the month started, the digital coin was worth less than $10,000, but the value of Bitcoin has exploded since then as it was sold for nearly $20,000 on December 17. Later, price has reversed from the all-time high, slumping as much as 45 percent last week, before staging a strong rebound to around $16,000.
While the frenzy prompted bubble warnings from observers, interest from McAfee shows no signs of abating. The man also repeated his rosy outlook from last month when he doubled his previous price target for Bitcoin, believing that the cryptocurrency will reach $1.0 million by the end of 2020.
As I predicted, Bitcoin is rebounding and rapidly climbing after Christmas. It is still, by far, the best long term crypto investment, and I firmly stand by my prediction of $1 million by the end of 2020. pic.twitter.com/FaaSIuUS7i
— John McAfee (@officialmcafee) December 26, 2017