According to John McAfee, by 2020 the price of Bitcoin cryptocurrency (BTC) can not be below $ 1,000,000.
A British-American cybersecurity expert called basic mathematics his only metric explaining the six-digit bitcoin prediction.
He stated that Bitcoin’s behavioral economics is fundamentally different from the equity economy, its paradigms and formulas are not suitable for calculating the future value of a coin.
Come on people !!! 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
Oddly enough, McAfee did not tell on which mathematical formulas he was based on in his predictions. Probably, he calculates the real cost of Bitcoin based on its cost ( mining BTC ), as well as the total number of users and transactions in the network.
McAfee stressed that Bitcoin is not a speculative investment, but a tool that provides a payment protocol that works without the participation of banks.
McAfee’s mathematical metric resembles the fiat system. The US dollar is valuable because people trust the regulator who controls the cost. The more support Benjamin will have, the more he will need it.
In the case of bitcoins, the issue is different. Instead of printing an infinite number of dollar bills, the protocol sets a predetermined limit of 21 million units, the production of which is distributed among thousands of miners .
As a result, we have a protocol that transfers funds faster and cheaper than any bank. In addition, it also manages the recording of each bitcoin transaction without the involvement of intermediaries.
“People will start using bitcoins for payments, ” he added.
They will stop using the US dollar, the euro, the Chinese yuan, which in the long run will depreciate these currencies. ”
Why exactly by 2020? Here Makafi did not give explanations. It turns out that in order to fulfill its forecast, the current rate from about $ 5000 should increase by 19,900%. This means that the expected average annual Bitcoin growth rate will be about 9,950% and by the end of 2019 the cryptocurrency should at least test the level of $ 497,500.
Even if the price approaches $ 500,000 this year, the probability of a negative correction will be close to the historical maximum. In addition, against the background of a relatively slow adoption, the price of Bitcoin can be artificially inflated, just as it did in December 2017, in other words, the popularization and growth of cryptocurrency is only on hand.
Publication date 17/04/2019
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