$1,000,000 Bitcoin (BTC) Is Impossible Without Collapse of Some Governments: Poker Champ Michael McDonald

News
Thu, 03/05/2020 - 19:45
Alex Dovbnya
Poker legend Michael McDonald doesn't see Bitcoin (BTC) reaching $1 million unless some governments collapse
Cover image via www.youtube.com
Contents

Mike McDonald, who's known as the youngest winner of the European Poker Tour (EPT), thinks that the price of Bitcoin (BTC) can only reach $1 mln if "some governments" collapse. 

However, he continues to insist that the coronavirus crisis will negatively impact the price of Bitcoin despite the fact that the top coin rallied five percent during another stock market crash. 

Related
S&P 500 Looks Like 'Bitcoin Dump' with $3.4 Trln Erased in Days: Analyst

More than a tech quirk 

Over the span of eleven years, Bitcoin has transitioned from a geek quirk to a new industry. However, for the most part, crypto remains a speculative asset in developed counties, and critics like to parrot that creates a solution for a non-existing problem. This is why BTC wouldn't work as a national currency in the US.  

In sharp contrast to this, Venezuela, a failed socialist state with hyperinflation, recognizes the actual purpose of Bitcoin. Its residents use the orange coin both a medium of exchange and store-of-value as an alternative to nearly worthless bolivars.   

Related
Bitcoin (BTC) Outperforms Apple (AAPL), Tesla (TSLA) and Gold (XAU): Crypto Trader

No need for doom and gloom

That said, Bitcoin doesn't necessarily need collapsing governments to thrive. According to Fundstrat's Tom Lee, BTC could possibly reach $500,000 in the long-term by doubling the number of its existing users. 

Meanwhile, Shark Tank host Robert Herjavec doesn't think that the $1 mln target is 'too crazy,' but the industry needs to become united to achieve it.   

 

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy