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Is Bitcoin going to hit the million-dollar mark this year?

We’re pretty confident that Bitcoin’s price will continue to rise. It’s unlikely that we’ll see the same kind of mania that fuelled the 2017 price increase. 

physical bitcoin on table
Image: Unsplash

If John McAfee, cybersecurity guru, is to be believed, Bitcoin will hit the million-dollar mark this year. McAfee rather crudely stated that he’d eat his penis if the cryptocurrency price didn’t reach this level by the end of 2020.

Get Your Bib and Tucker Out McAfee

According to Forbes, it looks like he might have to eat more than just his words at the end of the year. The somewhat eccentric McAfee has since admitted that he made it all up. He made this wild prediction to spark renewed interest in the cryptocurrency.

So, for those of you hoping to become Bitcoin millionaires in 2020, there’s a disappointment on the cards.

McAfee’s fake prediction does raise an interesting point, though. How susceptible is the Bitcoin price when it comes to market manipulation?

Bitcoin Highly Susceptible to Market Manipulation

If you got caught up in the Bitcoin craze in 2017, you’d probably agree that Bitcoin was highly susceptible to market manipulation. According to the Wall Street Journal, a study by the finance professor at the University of Texas shows that the 2017 price increase was largely due to the manipulations by one large Bitcoin holder.

The study couldn’t determine whether or not the person responsible profited or not. Still, it makes us wonder about when the next market manipulation is coming.

Why Is It So Easy to Manipulate Bitcoin Prices?

The euphoria created by the dramatic price increase of Bitcoin in 2017 has largely died down. That said, it’s still firmly embedded in the social consciousness. Who amongst us didn’t want to kick ourselves for not investing in it early on?

One Londoner was reportedly even considering digging through the dump to look for his old computer. He had thousands of bitcoins stored on it. Stories about Bitcoin millionaires were everywhere.

Those investors with an appetite for risk still see the potential for the currency. Some warn of the bursting of the Bitcoin bubble. These naysayers have been singing the same tune for the last three or four years, though. They might be right, but so far, Bitcoin has been rallying.

Still, this is an unusual case. While there are no underlying assets to speak of, the currency is being backed by big players in the market. It’ll be interesting to see what they’ll do.

Realistic Predictions

Whatever way you view cryptocurrencies, it’s clear that they’ve made a significant impact. With stablecoins, i.e., coins that are backed by assets, becoming more common, it’s hard to see cryptocurrencies being dropped anytime soon.

With the entrance of institutional investors like Goldman Sachs accepting bitcoins as a method of payment, we’d say that the currency was becoming more mainstream rather than declining.

According to analyst PlanB, we’ll see Bitcoin price hitting $100,000 by the end of 2021.

Final Notes

For Bitcoin to hit the million-dollar mark by Christmas this year, it’ll have to increase in value by 14,000%. No matter how optimistic you are about the currency, that’s unrealistic. For now, we’re more inclined to consider PlanB’s predictions as valid.

We’re pretty confident that Bitcoin’s price will continue to rise. It’s unlikely that we’ll see the same kind of mania that fuelled the 2017 price increase.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

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Chris has been blogging since the early days of the internet. He primarily focuses on topics related to tech, business, marketing, and pretty much anything else that revolves around tech. When he's not writing, you can find him noodling around on a guitar or cooking up a mean storm for friends and family.

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