John McAfee Claims Bitcoin (BTC) to Reach 1 Million Dollars
Crypto promoter John McAfee is still confident in the power of the world’s first cryptocurrency – Bitcoin. He believes it definitely deserves the title of the No. 1 digital asset in the crypto space.
As a member of the CoinsBank Blockchain Cruise, John McAfee told AMBCrypto that Bitcoin (BTC) is the only leader in its ecosystem. He even contradicted those who claim about coin’s nature as a P2P digital cash protocol.
John McAfee is one of the famous and influential crypto personalities. His comments and recommendations are kind of must-follow rules for the crypto communities despite receiving some bad arguments sometimes. He knows exactly what to say and how to protect his words, making him a crypto reference.
“Mathematics doesn’t lie”
Recently, McAfee claimed that by 2020, Bitcoin (BTC)’s price should reach a million dollars if we look at this scheme from a mathematical perspective. This detail can be concluded from growing records of the amount of Bitcoin mined and the difficult process it involves. Taking this into account, the crypto magnate induced that in the near future the number of BTC allocated per each new mined block will decrease by half- from 12.5 BTC to 6.25 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.”
This graph shows what happens when there is a cut in supply. If the demand for Bitcoins is the same, but the supply is reduced (the supply goes from O1 to O2), then the standard equilibrium price “P1” moves up to “P2” (Bitcoin gets more expensive)
“You cannot lose money by mining Bitcoin”
In McAfee’s opinion, the cryptocurrency mining activity is highly profitable. He stated that the direct relationship between Bitcoin price and its mining process always gives miners a certain margin 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.”
John McAfee will be one of the speakers at the Malta Blockchain Summit 2018, set to take part on November 1-2.
“Stay true, stay the course, and hold. There is no such thing as a wealthy short-term investor,” he concluded.
