If you've been following Bitcoin and its crazy ride over the last 18 months it certainly feels like the leading cryptocurrency is in a bit of a slump, with prices down by more than 50 percent from remarkable record highs just a few months ago.
Believe it or not, Bitcoin still remains on track to prove its most bullish proponents right about its long-term value.
Controversial and, uh... colorful cryptocurrency fanatic John McAfee famously predicted that a single Bitcoin would be worth a whopping $500,000 by the end of 2020. During late 2017's crazy run-up in price, he revised his prediction to an eye-popping $1 million.
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD-- John McAfee (@officialmcafee) November 29, 2017
After that bold prediction in late November 2017, the price of Bitcoin rocketed to nearly $20,000 only to quickly lose about half that value. For the past several weeks it's been bouncing around in the $7,000 - $11,000 for the most part and currently sits at nearly $8,900 as of this writing.
And yet, according to McAfee's model, which appears to have underestimated the digital asset's crazy 2017 run, it's still on track to hit a million bucks per coin in less than three years.
In fact, according to a dynamic tracker set up solely for the purpose of monitoring Bitcoin's progress against McAfee's prediction, it's currently ahead of where it needs to be by around 20 percent as of today.
Editor's note: Bitcoin and digital currencies, as with any investment, may involve the risk of loss. The Consumer Financial Protection Bureau has warned that virtual currencies, including Bitcoin, carry "significant risk" to consumers.
Now let's be clear, McAfee reportedly holds an awful lot of cryptocurrency and has a significant interest in seeing its price increase by a few orders of magnitude. I have a much smaller interest in the same thing, as one of those people that bought a small amount of Bitcoin and other cryptocurrencies in 2013 and then forget about them for a few years.
There's also quite a few people who believe that Bitcoin will go to zero and McAfee may have to prepare that awkward meal. My fellow Inc. contributors have gone so far as to call it a Ponzi scheme. Big Bitcoin bulls say its built-in scarcity will drive up demand and price.
I have no idea whether Bitcoin will be closer to zero or a million bucks 34 months from now. Where we'll really see McAfee's prediction put to the test, though, could be in the last few months of this year. To stay on track, it will need to regain its previous high price and then push on to hit nearly $30,000 by the end of 2018. From there it must go parabolic again to hit over $170,000 by the end of 2019 before shooting all the way up to seven figures.
Whatever happens, it's sure to be worth watching.