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Bitcoin Permabull John McAfee Gives Reasons Why BTC Will Hit $1 Mln in 2020: Forbes

  • Yuri Molchan
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    John McAfee, the well-known Bitcoin supporter, talks to Forbes, explaining why Bitcoin is likely to reach $1 mln by 2020

Bitcoin Permabull John McAfee Gives Reasons Why BTC Will Hit $1 Mln in 2020: Forbes
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The Bitcoin bull, a former antivirus mogul John McAfee, who sometimes expresses eccentric views on things and crypto coins’ prices, a few years ago made a forecast that the Bitcoin price would hit $1 mln by the end of 2020.

In a recent tweet, he confirmed that prediction and when speaking to Forbes recently, he explained in detail why Bitcoin would hit such a gargantuan price level.

McAfee is still positive BTC will be worth $1 mln soon

In 2017, the year whose end saw Bitcoin reach an ATH of $20,000, John McAfee made a prediction that by the end of 2020, the Bitcoin price would hit $1 mln. 

In a recent Forbes interview, he explained his way of thinking and why that he still holds on to it for several reasons.

Reason 1

Scarcity. McAfee told the Forbes writer:

Let’s get real, there are only 21 million bitcoins. Seven million of which have been lost forever, and then, if Satoshi is dead, add a few more million.

Bitcoin is restricted to a programmed supply of 21 million tokens. Other Bitcoin bulls, such as Anthony Pompliano, often cite this ‘unique selling point’ of BTC.

Reason 2

It's logic, says McAfee. Bitcoin will soon get more than 5 percent of total global financial transactions. As per the crypto baron, Bitcoin will grab not only 5 percent but even as much as 10% or 20%. This will be another driver for the Bitcoin price going to the moon.

In this case, he stated BTC would cost “$10 million per coin, based on those numbers.”

Finally, McAfee confessed that he is simply reluctant to change forecasts frequently.

I’m just a very conservative man. I said one [$1 million] and I’m sticking to one.

Other experts also name the upcoming Bitcoin halving in May 2020 as another main reason why Bitcoin price will surge tremendously. When it happens, rewards to miners will become twice as low, making Bitcoin more scarce than now.

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Alternatives to Bitcoin for transactions

When asked about other digital assets that could be widely used in the future for financial transactions, McAfee named privacy coins (such as Monero, ZCash, etc) and stablecoins (Tether, TUSD, PAX, etc).

In particular, McAfee said DAI has the potential to become a popular stablecoin in the future.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

Subscribe to News.U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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