Former presidential candidate and crypto-enthusiast John McAfee believes that Bitcoin will replace fiat currencies like dollar and yen by the year 2020. He also thinks that Bitcoin will be hitting one million dollars ($1 million) by that time.
John McAfee is a computer programmer who owned McAfee Associates. He is very optimistic about the success of crypto space and especially Bitcoin in the future.
As of now, the crypto community is divided into two parties. One party is skeptical about the technology and its influence and effect while the other is openly optimistic about it and support the technology.
John McAfee belongs to the second party evidently and he elaborates that his predictions about bitcoin hitting a million by 2020 are proven by maths.
Come on people!!! It's time to brush up your basic math skills and run some f*^#$ng numbers!!!! It is mathematically impossible for Bitcoin to be less than $1 mil by the end of 2020. Bitcoin is not an effing stock!!! You can't apply stock paradigms or formulas and expect answers! pic.twitter.com/KM6qVX204R
— John McAfee (@officialmcafee) April 15, 2019
McAfee elaborated on his beliefs saying that we can not treat cryptocurrency similar to fiat as they are not the same thing. This is also why using the charts for the stock market are not going to help predict the future price of bitcoin accurately.
Right now the price of bitcoin depends on the market volume and transaction volume. McAfee also emphasized to not treat bitcoin as a risky investment but to treat it like the foundation that runs a decentralized payment platform.
McAfee says that fiat is trusted because it is centralized and once bitcoin overtakes the global economy its demand will increase and the dollar will no longer be needed. This strengthens McAfee’s belief in crypto technology.
He then proceeded to point out the current trading price of Bitcoin which stands at five thousand two hundred dollars ($5,238,) and increasing day by day.
McAfee believes that once the coin hits a trading price above five thousand three hundred dollars ($5,360) there will be a steady growth that will make it inevitable for bitcoin to hit a million by 2020.
Skeptics, however, believe that right now seeing how Bitcoin will hit the one million mark by 2020 seems impossible but McAfee has a plan. McAfee will be participating in the 2020 US presidential elections and will use this platform to encourage and promote cryptocurrencies and Bitcoin.
Bitcoin’s effects help McAfee’s and this is why he supports the coin so openly. Even if we assume this happens it is still unlikely for bitcoin to hit the one million mark by 2020.