Why McAfee Expects Bitcoin to Touch $1 Million by 2020
John McAfee explains in a Forbes interview why he thinks Bitcoin will climb to $1 million by 2020.
McAfee’s bitcoin prediction, famously made in 2017, is still alive and kicking despite the stomach-wrenching volatility in the value of the cryptocurrency.
John McAfee is a colorful tech personality who founded computer firm McAfee Associates. He is also a campaigner for US President in 2020.
“Let’s get real, there are only 21 million bitcoins,” McAfee said in the September Forbes interview. “Seven million of which have been lost forever, and then, if Satoshi [bitcoin’s anonymous creator] is dead, add a few more million,” he added.
McAfee on Bitcoin: It has a mathematically maximum quantity
The maximum number of Bitcoins that can theoretically exist thanks to mining is 21 million. Unfortunately, in the early days of their creation, people lost a lot of Bitcoins carelessly for reasons such as destruction of their storage media.
According to rumor, Satoshi Nakamoto, the anonymous creator of Bitcoin, likely also had a hidden hoard of Bitcoins numbering in the millions. This trove too would disappear forever in the event of Satoshi’s death.
That leaves a much smaller quantity of available Bitcoin.
“In any case, just run some numbers,” McAfee says. “If bitcoin gets to be 5% of world financial transactions, which, you all know it will,” he said, then bitcoin would be worth “$10 million per coin, based on those numbers.”
McAfee says he is “conservative.”
But McAfee’s take on Bitcoin in 2020 is a “conservative” $1 million, despite the above mathematical and economic logic.
“I said one [$1 million], and I’m sticking to one,” he says humorously.
McAfee said the cryptocurrency was a quintessential brand like Colgate. “It has nowhere to go but up, but it will only be a store of value, end of [the] story.”
Latest Alternative Investment News
TD Asset Management announced Tuesday the launch of three new ESG Equity ETFs to cater to investors looking for exposure to equity market indexes and companies with an ESG edge….
Speaking Tuesday on CNBC’s Squawk Box, Mike Novogratz, CEO of Galaxy Digital, said large investors appeared to be switching their gold holdings to bitcoin, judging from the outflows seen recently…
Voi Technology’s haul of $160 million is a mix of debt and equity in a Series C round led by The Raine Group, with participation by existing investors such as…
In an article in a newly released book from the central government explaining the country’s economic priorities and development plan for 2035, Guo warned of a disturbance in global financial…