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Bitcoin Price $1 mln by 2020, Regardless Current Performance: John McAfee

  • Masha Beetroot
    🤷 Opinions

    Antivirus Pioneer and “Chief Cybersecurity Visionary” John McAfee explains why Bitcoin will be worth $1 mln by 2020 and why every company in the future will have to have its own token.

Bitcoin Price $1 mln by 2020, Regardless Current Performance: John McAfee
Cover image via u.today

Antivirus Pioneer and “Chief Cybersecurity Visionary” John McAfee explains why Bitcoin will be worth $1 mln by 2020 and why every company in the future will have to have its own token.

CryptoComes: How did you first learn about Bitcoin and what was your initial reaction?

John McAfee: I was introduced to Bitcoin by friends of mine who insisted that I understand it. At first, it made no sense to me, but then I read Satoshi’s white paper. As a mathematician, I thought it was beautiful. I saw that this is something for the future, that it will change the world.

I didn’t get intimately involved until three years ago when I started mining Bitcoin with my company, MGT. We are now one of the largest miners in the world, with 6,000 supercomputers and [we’re] getting another 6,000 very soon. It’s not exciting or interesting, but it generates a lot of money which I can use for the projects I am interested in.

“Mine More” Economic Model

CC: If you were Satoshi Nakamoto, how would you use your Bitcoins?

JMA: Well, I’m not Satoshi, so I do not know. Here’s what we do: as soon as we mine them, we simply sell them and buy more machines [to] mine more Bitcoins. It’s the best economic model.

CC: Who would you say are the greatest enemies of Bitcoin?

JMA: Banks, federal reserves and governments. Banks - because they will simply disappear. My Bitcoin wallet does everything that my bank can do. Governments - because they will lose income.

Most governments tax income, or goods and services. If you use a private cryptocurrency like Monero, there’s simply no way to track how much money you’ve made or spent [and] no way to track any transaction to its source or its destination.

That terrifies governments because you are now counting on people to be honest about what they are earning and what they are doing with that money. That’s unrealistic. We are people, we have our faults and we like our privacy.

“They will simply be ignored”

CC: Many experts in the crypto community think that regulation of Bitcoin will hurt it, at least in the short term. What is your opinion?

JMA: First of all, if you create legislation or laws prohibiting something, you must have the ability to enforce those laws. How can you enforce the use of Bitcoin? You would have to have one enforcer for every citizen of the country and that’s impossible.

Let’s take an obvious absurd law as an example. In America, smoking marijuana is illegal in almost every state. And yet, I don’t know anybody who does not do it. Why? It cannot be enforced.

It’s much harder to enforce the use of Bitcoin or Monero or Ethereum than it is to enforce [laws against] smoking marijuana. It’s absurd to think that governments will pass laws that mean anything. They will simply be ignored.

CC: What about your expectations? Do you still think that by 2020 Bitcoin will be worth a million dollars?

JMA: Absolutely. We all know that within 15 or 20 years [nearly] all the Bitcoins will be mined. There are 10,000 mining companies working for a year and a half, paying millions of dollars in electricity alone, trying to get to the last Bitcoin.

Imagine what this last coin is going to be worth: trillions. Toward the end, we will all have to work together to form a global mining pool, so that no matter who mines it, we all get our percentage.

All you have to do is work backwards and you see that in 2020 it has to be a million dollars, or 10 million. I’m a mathematician: one plus one is two, two plus two is four — it’s simply the truth.

“Every company will have to have its own token”

CC: Do you see a future for ICOs in 2018?

JMA: The number of ICOs is doubling every two months. In just two weeks almost 1,000 new ICOs have been submitted to me and my team for evaluation. Think about this: in six months there’ll be 5,000, in a year there’ll be 10,000.

So absolutely there’s a future, because everything in life, ultimately, will be on the Blockchain. [It will influence] our religious preferences, the way we drive cars, the way we live at home, the way we entertain  and educate ourselves. Every company will have to have its own token. It’s like when we started the Internet, and people thought it was nonsense, no big deal.

Companies ignored it, but try to find a single company today that doesn’t have a webpage. If you don’t have one, you’ll be out of business. So, in 5 or 10 years every company will have to have its own currency, or else be irrelevant and simply disappear.

My staff and I review 200 new ICOs every week and 90% of all the ICOs are scams. You can’t tell which is a scam unless you dig into it like my team does.

If I find something interesting, something real and helpful, I try to make sure the world knows about it. Without public knowledge, the chance of that coin or that token surviving is very slim.

CC: Do you think there is conflict of interest when ICO advisers are paid huge sums of money? Perhaps the institution outlived its time and needs to be replaced by a Blockchain-based model?

JMA: If you watch television, every celebrity in the world is promoting something - an automobile, an insurance company. Why? Because when a celebrity comes out and says “I drink this coffee,” whether they do or not, we all want to drink that coffee.

The crypto community has its own celebrities, so of course they are going to become advisers and make money. They are not going to do it for free.

There’s no difference between what’s happening here and what’s been happening in any industry since the beginning of marketing and advertising.

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About the author

Masha Beetroot is ahead of communications living by the maxim «You cannot make a total borsch from your communications without a beet». Proud to be the sweet Russian vegetable with an ad-hoc life approach, she’s shuttling between three or four continents.

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📈 Price Predictions
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TOP 3 Price Predictions for BTC, ETH, XRP: Next Stop for the Bears?

  • Denys Serhiichuk
    📈 Price Predictions

    Analyzing the reasons for today’s cryptocurrency market decline

TOP 3 Price Predictions for BTC, ETH, XRP: Next Stop for the Bears?
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

November 22nd started with a huge market dump as Bitcoin, the top cryptocurrency, lost nearly 10% of its value since yesterday. The altcoins have also followed today's downward trend, as the top 10 coins are all located in the red. 

Top 10 coins by Coinstats

Here is key information about Bitcoin (BTC), Ethereum (ETH), and XRP (XRP).

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$129,201,282,733

$7,153.53

$29,610,280,555

-9.95%

Ethereum

ETH

$16,292,927,175

$149.96

$10,741,686,263

-11.77%

XRP

XRP

$10,151,900,406

$0.234456

$1,818,796,100

-4.67%

BTC/USD 

Our BTC prediction from yesterday came true as the price has almost reached the expected $6,875 mark.

BTC/USD chart by TradingView

Today’s sharp price drop for the leading crypto has more to do with a fundamental reason than a technical one. This mainly happened because of China's policy to ban any providers of crypto transactions to its citizens.

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Bitcoin Price May Drop to $6,800 but Small Bullish Reverse Is Likely: Crypto Analysts

Bitcoin Price May Drop to $6,800 but Small Bullish Reverse Is Likely: Crypto Analysts

Looking the 4H chart, BTC has updated the bottom by touching the $7,000 mark. It is unlikely to go any deeper according to the Stochastic RSI and other indicators because they are showing that BTC is oversold. Meanwhile, the $7,500 mark will be retested soon as this previously served as a support level for BTC. A bounce back might occur through the end of the current week.

At press time, BTC is trading at $7,114.

ETH/USD

Compared to BTC and XRP, ETH has faced the biggest price drop (more than 11%) since yesterday.

ETH/USD chart by TradingView

Even though ETH has lost significant value from its shares, it is more likely to return to its previous positions faster than BTC. The last bearish candle has a long wick, which suggests that sellers could not fix the rate below $150 for a long period of time. Moreover, the coin is oversold on all time frames, especially the daily ones. Respectively, this chief altcoin could come back to the $155-$160 range soon.

At press time, ETH is trading at $149.74.

XRP/USD

XRP has shown the best price dynamics against the market decline. While the majority of altcoins have lost about 10%, the rate of the third most popular crypto has been reduced by 5%.

XRP/USD chart by TradingView

XRP has more than justified our previous scenario as the rate has gone far below the $0.24 mark. In terms of a short-term price projection, it is bullish as sellers have almost sold everything, giving a chance for buyers to accumulate positions before an additional decline against the bearish market. To sum it up, a bounce back could push the price up to $0.2450. 

At press time, XRP is trading at $0.2323.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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