Major Bitcoin (BTC) bull, programmer and 2020 U.s. presidential campaigner John McAfee remains adamant that the globe'due south largest cryptocurrency will striking $1 meg in 2020.

"I said $1 million and I'1000 sticking to one"

McAfee, known for his brave prediction that BTC will attain $500,000 next twelvemonth, defended his recently doubled downwardly forecast of $one million per money in 2020 during a Forbes interview on Sept. 30.

In the interview, McAfee argued that the main trigger for Bitcoin'due south surging price will be its scarcity. BTC'due south supply is limited to 21 million coins, and a significant proportion of that has apparently been lost forever. McAfee said:

"Permit's become existent, at that place are only 21 one thousand thousand bitcoins, seven one thousand thousand of which have been lost forever, and so, if Satoshi is dead, add a few more million."

85% of BTC's full supply already mined

As Cointelegraph reported, the amount of mined BTC reached 17,850,000 on Aug. 1.

This means 85% of its total supply is at present in circulation — leaving just 3.15 1000000 coins to mine over the next 120 years.

Since so, BTC has added more 100,000 coins to its supply — and according to Blockchain.com data, information technology has a apportionment of 17,968,000 as of now.

BTC suffered a major sell-off last calendar week when the major cryptocurrency lost $ane,500 in less than a day for the get-go fourth dimension in months. Later Bitcoin touched a new multi-calendar month low — below $seven,800.

At publishing fourth dimension, BTC is trading at well-nigh $8,268 — down 1.one% over the past 24 hours, co-ordinate to Coin360.

After seeing some notable volatility this year, Bitcoin is still upwardly more than than 27% compared with this time concluding yr, when it was trading at $6,500.

Bitcoin one-year price chart. Source: Coin360

Bitcoin one-year price nautical chart. Source: Coin360

Bitcoin is a store of value, lacks privacy

In the interview, McAfee also emphasized his opinion towards the primary function of BTC, urging that information technology represents simply a shop of value.

He said digital avails such equally stablecoins and so-called privacy coins are better suited to transaction purposes.

Yesterday, major German language bank BayernLB released a written report predicting that Bitcoin will hit $90,000 in 2020 due to the upcoming halving.