John MacAfee has recently predicted the price of Bitcoin. He says that the value of the world’s leading digital asset will be $2 Million in the year 2020.

MacAfee changes his prediction from $1M to $2M

The computer programmer and businessman, John MacAfee has changed his prediction for the Bitcoin price and claims that now the BTC value will be $2M in the next year. Previously he predicted $1M for Bitcoin.

He forecasted about the bitcoin price during his interview with AIBCSummit. In the interview, he says:

Run the f***ing numbers. If Bitcoin is less than $2 million by the end of 2020, then mathematics itself is a flawed disappointment.

Possible Reasons that Support MacAfee’s Claim

According to crypto analysts, this prediction does not seem crazy and there is a chance that this prediction may fulfill.

Below, some of the possible reasons are given which support John MacAfee’s claim.

Next May 2020 Bitcoin Halving

The first possible reason that seems to be supporting the prediction of John is the next bitcoin halving event that will be held on May 2020.

Usually, the price of Bitcoin increases before the Bitcoin halving event and there is a chance that the BTC value will again go high before the start of this halving event.

Bitcoin Scarcity may help BTC to rise

Bitcoin scarcity may also help the coin to increase its value as Bitcoin has a limited supply which is 21 Million. Apart from this, bitcoin, being the world’s leading cryptocurrency with the well-infrastructure has increased its value in the eye of investors.

So, the bitcoin scarcity and its demand are going to help the coin rise in the future.

Venezuela and other Governments may hold BTC in Central Banks

Several governments seem interested in holding the bitcoins in the central bank reserves.

Venezuela has started to consider it and it seems that the government of Venezuela is interested in holding BTC in the central bank reserves.

Reports are surfacing that Venezuela is considering holding Bitcoin and Ethereum in their central bank reserves, while also using it to pay organizations. Every country will eventually do this. Just a matter of time before the game theory kicks in 🔥https://t.co/oq29xQBtsd — Pomp 🌪 (@APompliano) September 26, 2019

If other governments also start to hold bitcoins in their central bank reserves than the price is obviously going to flow up.

Global Recession in 2020 may favor Bitcoin

Bitcoin is getting the attention of investors as it is considered the safe-haven asset in the crypto world. Many of the investors from Hong Kong, Venezuela, and Argentina have directed themselves toward bitcoin.

If the event of Global Recession occurs in the next year, then bitcoin will get a huge edge that will result in bitcoin upsurge.

$2.14 trillion dollars of institutional money funds

According to revealed data from the Federal Reserve Bank of St. Louis, an amount of $2.14 trillion has been injected into the institutional funds.

Source: bitcoinist.com

The amount is in search of a safe place. If it finds its way toward bitcoin, then it will hopefully be beneficial for the Bitcoin price.