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

Libra Coin News
Tue, 10/01/2019 - 12:49
Yuri Molchan
John McAfee, the well-known Bitcoin supporter, talks to Forbes, explaining why Bitcoin is likely to reach $1 mln by 2020
Cover image via www.youtube.com
Contents

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.

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.