The founder of the antivirus McAfee states that Bitcoin is a cryptocurrency number 1 for processing payments. The famous Scottish-American programmer John McAfee remains faithful to his vision for the future of Bitcoin (Bitcoin). Despite a sharp decline in the market capitalization of the сryptocurrency, he still believes that Bitcoin is the No.1 crypto in the ecosystem. His opinion contradicts others who deny the nature of a peer-to-peer electronic system for calculations.
John McAfee believes that based on the mathematical point of view, the cost of bitcoin should be close to $1 million by 2020. This conclusion can be drawn from the data on the total number of bitcoins already mined and the difficulty of their mining process. Analyzing this information, McAfee believes that the number of rewards for the block will be reduced by 2 times and will reach 6.25 BTC per block.
"Why don’t we look at the last Bitcoin? We have thousands of people to mine one coin. What is that coin going to be worth? Maybe billions. Mathematics doesn’t lie. Say what you want, mathematics doesn’t lie. If it’s not a million dollars in 2020, it has to be. The end of 2020, December. That’s my prediction, I’m going to stand by it...it is the number 1 coin for processing transactions. Run the numbers", he said during CoinsBank Blockchain Cruise to AMBCrypto.
Almost a year ago McAfee has made corrections to his predictions. Earlier he was expecting Bitcoin price to reach $500,000 by the end of 2020.
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
McAfee believes that the crypto-mining industry is very profitable. According to his reasoning, there's a direct proportion between the cost of bitcoin and the complexity of its mining which ensures that miners will always be provided with a level of profitability.
“No matter what the price of Bitcoin, you cannot lose money by mining Bitcoin. Let’s say the price drops to $2000, everybody gets out, and the difficulty rate drops to zero, and you’re cranking out millions of coins per day.”
The famous entrepreneur has also given a piece of advice to the crypto investors, calling on them not to change their course and not to sell their crypto.
“There is no such thing as a wealthy short-term investor”, – he said.
WHY IS IT IMPORTANT?
- McAfee is one of the most influential people in the crypto community. His extensive knowledge in this field, as well as an open and outspoken personality, make his opinions highly respected, despite the fact that some of them are very controversial. Each of his arguments can be confirmed by concrete facts.