Over the past years, no one has a firm hold on the behavior and value of cryptocurrencies. There have been speculations, assumptions, and theories over the years. For this BTC Trading Inc review, we’re going to talk about one of the most well-known predictions done by McAfee on Bitcoin, several years ago.
John McAfee, a cybersecurity entrepreneur, believes that BTC is not crypto’s future along with his one million dollar Bitcoin price prediction claim. He has defended his prediction several times since he initially made it in November 2017. What made McAfee believe in such speculation? Where does he stand right now, at the beginning of another decade?
Bitcoin as Ancient Technology
The first cryptocurrency is Bitcoin, and according to John McAfee, it is now ancient technology that has been made obsolete by newer blockchains. Bitcoin doesn’t have smart contracts, privacy, distributed apps, and other great crypto features that newer blockchains have. BTC predictions can bring great reference for investors, like what BTC Trading Inc Review tackles.
But is John McAfee’s price prediction crazy? As remembered, the original price prediction of McAfee was $500,000 per coin for BTC. However, he doubled the amount of his prophecy in November 2017 because he believed that there was a fast acceleration at that time. The 1 million dollar Bitcoin prediction made headlines during that period.
Bitcoin Perceived as a Ruse
In his interview with Forbes, he stated that he believed Bitcoin is a ruse. Because of asset scarcity, BTC will even surpass one million dollars apiece. He added that there are only about 21 million bitcoins, and there are seven million lost.
John McAfee stands firm with his prediction. There could be a massive collapse once BTC reaches below $5,000. Because of the scarcity of BTC and the increasing demand for Bitcoin, the price will surge, and there wouldn’t be enough coins that are low priced that can be fed into the market to satisfy the demand.
Judging McAfee’s Prediction
Tracking the prediction of John McAfee, he’s currently down at more than 95 percent because the flagship cryptocurrency price would have to rise $178,000 to become the target for 1 million dollars by the end of the year. But there were exponential surges.
BTC historically went from $0.3 to $32 in January to June 2011. The price increased from $10 to $1,000 in October 2012 through December 2013. But McAfee doesn’t care about BTC price and insisted that BTC is not the future of cryptocurrency. It finally peaked at a time, but it’s currently at a much lower rate than in December 2017.
In 2020, companies like BTC Trading Inc review this predicament and await further updates. While many people thought that John McAfee was kidding about his prediction, he stood by it and still firmly believes that Bitcoin isn’t the future of cryptocurrency. He believes that BTC scarcity could result in its downfall, so newer blockchains are the solution because of better features and smarter contracts. Only time will tell if he’s right or wrong about his prophecy.