$1,000,000 Bitcoin (BTC) Is Impossible Without Collapse of Some Governments: Poker Champ Michael McDonald
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.
I don't think $1,000,000+ btc prices will be possible without the collapse of some governments that no one thought could collapse and whether that happens in 2 years or 50 years will massively affect the timeline of when people start actually taking it seriously
— Mike McDonald (@MikeMcDonald89) March 5, 2020
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.
Alex DovbnyaMore 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.
Yuri MolchanNo 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.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
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