The Old Dog Reports: Bitcoin to 1 Million in 3 Years? John McAfee Thinks so!
In a recent interview John McAfee has adjusted his prediction for the price of Bitcoin to be at $1,000,000 within 3 years rather than his previous forecast of $500,000. Why?
In 2016 he predicted a price of $5,000 by the end of 2017. "I was way off" he says. "We cannot use the old paradigm when predicting the price. I'm a mathematician and I've used a sophisticated calculations to predict the price." He adds.
Here Are The Highlights of His Reasoning!
- Supply and demand: There can only ever be 21 million bitcoins!
- 4 million of them are presumed to have been lost which leave only 17 million!
- The market is the entire world which could leave billions of people trying to use 17 million coins!
- You cannot create more Bitcoins like the government does with fiat currencies!
- He predicts a price of $78,000 by the end of 2018!
Bitcoin as a Portable Storage of Wealth
On this subject McAfee states: "What is the value of a $100 dollar bill. isn't it just the value of the paper it's printed on? My company MGT is one of the largest Bitcoin mines. It costs us over $2,000 to mine one Bitcoin. We work hard to do it. I know the value of Bitcoin!....What's the value of 1 bitcoin. It's got to be at least what it costs me to create it!"
What About The Banks Offering a Crypto Currency?
McAfee scoffs a the idea that banks can offer a crypto currency: "The crypto currency that the governments are offering are centralized just like they are now. They can control the price, they can control the fluctuation, they can control the interest rates. No! Bitcoin is not centralized. It belongs to the people! It has taken the power away from the governments and the banks and given it to the people!"
If You Want to Hear More of His Interview You Can See it Here!
There are a lot of other gems of information in this interview
What do You Think About This?
- Does his prediction sound crazy to you?
- If you are holding Bitcoin at what point will you sell?
- Are you as bullish about Steem?
I hope that you enjoyed this article about "Bitcoin to 1 Million in 3 Years? John McAfee Thinks so!"
Until next time,
@kus-knee (The Old Dog)
I have a weird feeling that Bitcoin is being pumped artificially and when it reaches the magic number, Wall Street will jump on the band wagon then those who are responsible for the rapid raise (I think we all know who the big powers are) they will dump it lowering the prices back down to perhaps $10,000 or $15,000 and break Wall Street. Just a humble thought. Don't crucify me for it. lol
Yes, I have read that theory too. Who really knows? The trick is knowing when to sell!
I love his maverick thinking!
He is a character and very entertaining!
Well to be honest, McAfee is a crazy person. But no one really knows where the price of BTC is going to go, 15k BTC in 2017 probably would've sounded crazy a year ago, and yet here we are...
1000000$ ...Wwoooww thats crazy!!!! But who could believe 1 year ago that it will be more than 10 000$ now...
I have 0.0 of Bitcoin lol but i have Steem and i believe it will be at least 10$ in the next year!
I like your way of thinking!
I'm more concerned about at what point does the government step in and screw the whole deal up???
In the interview McAfee talks about that. Interesting times to be sure!
I don't know about Switzerland but in America success draws government like shit draws flies! They're either going to find a way to tax it or they will shut it down. The higher the value, the higher the risk!!!
Are you surrounded by the Deep State?
What do I think? Bitcoin may well be worth $1,000,000. OK. So what if the dollar plunges and that million is not worth much. What then does it matter? They want to bring in a global digital currency that would replace paper fiat currency. They well may need to plunge the old one down the drain through devaluation...if it does not do it on its own. If the banks cannot control it they will not allow it. Plain and simple. Thanks my friend.
Yes things are bound to get very interesting!
I think he is way off again. Or, more succinctly, we will reach $1,000,000 per bitcoin very easily. Unless something really catastrophic happens.
If there ever becomes a way for larger investors to get into bitcoin, the price will skyrocket. (instead of putting along like today)
As people start actually seeing the use value of bitcoin, its use will skyrocket.
As the dollar and other fiat currencies die, people will try to get anything else. And one of those things is bitcoin.
And, comment upon the banks trying to implement crypto-currencies.
An analogy, would be a buggy whip company trying to make a better buggy whip to continue to compete with the automobile.
No, its not like that... the banksters can't understand the new paradigm of money being created. They see control and digital money (no need for paper). Basically, anything they create will be missing all of the useful parts. And so won't be used. Further, bitcoin is going to morph into super-bitcoin, and the banks will go from being two steps behind to being five steps behind.
I will watch the situation with interest!
I am sceptical about the #cryptocurrencies being a success. I think this boom is just shortterm .What proof do you have that show Bitcoin is the future??
I have and I offer no proof.
Never Sell, just take some profit !
Thanks for your information@kus-knee