Famed Security programmer and founder of McAfee company, John McAfee has once again stressed on his prediction of Bitcoin reaching $1 million value by 2020. As per reports, this is not the first time he made a statement on this. Earlier on November 29, 2017, the same was posted by McAfee on popular social media portal Twitter.
In a recent interview, McAfee said that,
“There are all kinds of ways to make it possible. The most common is to take a number of Bitcoin users, because as Bitcoin expands its user base, more are the people who own it and those who accept the currency for payment. Then, it is shooting and it will not disappear. It can not be worth anything. It can only grow as the user base grows. It’s like a Pandora’s box that has been opened”
And when questioned about regulation that cryptocurrency exchanges are forced to follow, he responded that,
Congress can make all the laws that it wants. Obviously, they can outlaw Bitcoin (…) but they can not stop a distributed system that is global. There is no law that anyone can do to prevent it.
Well, this is the hard truth that any individual or political personality who is trying to question the cryptocurrency adoption would need to understand it.
McAfee’s Justification
Finally, to justify his $1 Million predictions, he further elaborated that,
“I looked at it in two ways. First, I looked at the number of users and their growth. I went up, maybe, with three and seven million. Second, I came to the path of mining, which I think is much more valid, where the last bitcoin that is extracted will cost between four and five billion dollars and the miners will do, so it requires a lot of time invested to extract it. So, if it cost even a billion dollars, why not visualize it back from there and discover what will be the end of 2020? Probably, $ 5 million dollars; then, $ 1 million is well below the lower range, so I am very sure of that”
He concluded that,
“Cryptocurrencies can not be stopped or controlled. Accept them and align with reality.”
So readers what do you think about McAfee’s prediction? Will the Bitcoin value scale up to his prediction? Let us know your thoughts in comment section below.
