5 Reasons McAfee’s $2 Million Bitcoin Prediction May Not Be So Crazy

vladimirhf

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Quote from: vintages on October 29, 2019, 01:20:31 PM

I don't think the guys is 100% talking trash though.
At least in every nonsense, there is still sense in there. The main point is that the time frame he merged his prediction as to when Bitcoin will each the millions, is just too short or looks unrealistic.
The price of Bitcoin will one day reach millions but there will be many circumstances and controversy that will push it to it

it's not impossible, but the point is "when". One year, five years, ten years? I'd say 50k-100k in one or two years, but 1 million is too high. A quick run to 100k would lead to a correction, then another around 500k, that's why I don't see this happening so fast. Unless you are expecting a world war, earthquakes, meteors, locust clouds, a combination of apocalyptic events that could lead to a crazy quick rise.

Mike Mayor

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After being in the crypto world or awhile now I do not think anything is crazy. Think about it. Crypto is still so new and many people have not heard of bitcoin never mind crypto. Bitcoin has not even begun being used the way it should. When shops start accepting it more and more and we get to the point it becomes an alternative and accepted way of payment that is when you will see the price really shoot up since it will enter mass adoption. We are all still incredibly early even though it has taken 10 years. Things take time to change and remember the bitcoins are almost all mined and that will have a huge impact on the price. In 10 years from now, who knows what will happen.

vintages

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I don't think the guys is 100% talking trash though.
At least in every nonsense, there is still sense in there. The main point is that the time frame he merged his prediction as to when Bitcoin will each the millions, is just too short or looks unrealistic.
The price of Bitcoin will one day reach millions but there will be many circumstances and controversy that will push it to it

fullhdpixel

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I am surprised that you of all people too could believe in this madness, and look at it yourself, how is it possible for bitcoin to reach such amount next year, what possibility do you see from these factors that you listed here, bitcoin scarcity fine will lead to price surge, but the only thing that can cause bitcoin scarcity is when there are no more miners of the coin which I don’t see that happening at any time.

Secondly if all the coins has been successfully mined, then this issue of scarcity can come in, and There is no institution that will pump such amount of money into the market, not even the combination of 10 institution together, so forget that aspect, and bitcoin halving can only surge the value of bitcoin to at least $50000 and not even $100k.

ChrisPop

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Quote from: bounceback on October 23, 2019, 11:59:59 PM

This is a ridiculous prediction thought by John Mcafe. I don't believe him because he said bitcoin would be $ 2 million in a year, in my personal opinion, that's impossible because we know the price of bitcoin now, with an average price of only $ 1k or more why does john Mcafe dare say bitcoin will have a price $ 2 million by 2020.

It is all about economic and mathematical laws. Supply and demand my friend.. Here is a statistic for you: there are over 36M millionaires in this world and Bitcoin only has 21M limited supply with 3-4M already considered lost. You remain with ~ 17M BTC supply that needs to be shared between these millionaires which we assume want to purchase at least 1 BTC. Now.. think about this.. where do you put the companies, the governments which maybe want to create reserves denominated in this cryptocurrency? I believe this coin has enough potential to achieve even $5-10M per unit in time - you can call me crazy but that's the truth.

CryptoBry

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Quote from: error08 on October 23, 2019, 05:22:05 PM

If the global recession really happens in 2020, we might have more countries glance at bitcoin, but holding BTC like Venezuela requires parliamentary approval depend on the situation of the country obviously. Because the volatility of bitcoin unavoidable, the price could rise and fall in a relatively short time, in the last 24 hours bitcoin drop 9% from $8025 to$7293 as the bottom.

Bitcoin can never be the currency that can perfectly fit with all the countries in the world, hence it can never be the global currency that many are dreaming for it to become. There are so many insurmountable challenges that can take decades to topple, and that is if there is really an influential organization working and promoting for Bitcoin. Time is coming when people's interest with Bitcoin will drastically wane and that can be the crossroad for this cryptocurrency either it will continue its path to global dominance or will just be like a withering flower in the side of the road. Which future Bitcoin can take depends a lot on many factors happening today. I am still optimistic with Bitcoin but I also understand the market realities have to be factored in.

I am always amazed when people like John McAfee opened their big mouths and make outrageous, outlandish and laughable predictions on Bitcoin, with a threat that they will be doing something unbelievable if their predictions will not happen. However, please don't get me wrong, I would be one of the many first people to commend John in case the $2 million prophecy will one day be a big reality. I am just waiting for it, Johnny boy.

kryptokant

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Recession is no reason.
A normal deflationary one will put all assets down more more less, especially the speculativ ones, especially what went up high before.

Kyraishi

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Quote from: ?? on ??

Quote from: erricducducan26 on October 23, 2019, 03:46:20 PM

1. Bitcoin’s Scarcity Will Lead to a Price Surge

Dude ,

The bitcoin scarcity scam is a myth.

They say their are only 21 million bitcoin to be made.

But that is only true if the smallest denomination is 1 bitcoin.

It is not , the current smallest denomination is .00000001 ,

which means the bitcoin supply is not 21000000 as they told you,

the actual bitcoin supply is 2100000000000000, comes out to 2.1 QUADRILLION.
Not a limited supply at all.

The real scam is they can inflate the supply by going to the right side of the decimal instead of the left.
* The Scam network LN, already goes to 12 places below zero, so they are even worse.*

FYI:
McAfee is a NutJob.

It depends, if you're going off the lowest denomination (satoshis), it's a bit flawed since people don't calculate things via the lowest cent, and with transaction fees being a thing with bitcoin, sending a single satoshi or 2 is impossible to do with how much fees there are for even small transactions.

Honestly, it's looking very dire for crypto-currencies in the future and with there being such a huge focus placed on stablecoins over bitcoin, I don't think we are going to see a lot of adoption in the future and not a lot of growth.

cr1776

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Quote from: btcwish1 on October 23, 2019, 04:29:26 PM

Quote from: erricducducan26 on October 23, 2019, 03:46:20 PM

   1. Bitcoin’s Scarcity Will Lead to a Price Surge
   2. $2 Trillion+ Institutional Investment Dollars
   3. Bitcoin Halving in May 2020
   4. Governments Holding BTC in Central Bank Reserves
   5. A Global Recession in 2020

https://bitcoinist.com/mcafees-2-million-bitcoin-prediction/

BTC is at $7500 as I write and it seems we are going to end up in a BEAR market. so to think BTC price will go from $7500 to $1Mil , some one will need hell lot more strong weed than that of what John Mcafee is smoking!.

BTC price going to $1k is more realistic than it to be $1Mil in just 1 year time!

You sound like the people in July 2010 who were saying it was worthless and would never hit $1, and then 6 months later saying it would drop under $1 and never come back. The FUD was wrong then and is now.

Will it go that high? No one knows, but placing bets against it has been a losing proposition for more than a decade.

Halvings have led to orders of magnitude growth in fiat price each time so far. Much decreased new supply (halved), increased demand follows the supply-demand curve.

coolcoinz

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Quote from: Reid on October 24, 2019, 01:22:58 PM

Still not enough to prove that kind of huge amount.

C'mon, be real. This aint just a small number considering how strong the US dollar is up to now.
He might be saying this because of the value of USD going down. Yes, that might go to that kind of number if that is the case.
But do you really think that could just happen? They wont let it.

It might not as strong as you think. For the whole year it was losing value to some currencies like the Canadian Dollar. Many people see the recession coming and the signs of it are visible if you look closely. The FED printing like crazy, The US putting pressure on the EU to print as well to keep the balance between USD and EUR...
German banks aren't doing well. Commerzbank was recently trying to sell its branch in Poland but nobody wanted to buy it. I haven't checked if they actually managed to sell it. They are also letting go lot of employees. If they shut down completely it's going to be another bank run and panic that may turn into protests similar to the ones in China and France.

I believe that it would be enough just for the EU to go into recession for Bitcoin to explode.

red023

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Quote from: ?? on ??

Quote from: erricducducan26 on October 23, 2019, 03:46:20 PM

1. Bitcoin’s Scarcity Will Lead to a Price Surge

Dude ,

The bitcoin scarcity scam is a myth.

They say their are only 21 million bitcoin to be made.

But that is only true if the smallest denomination is 1 bitcoin.

It is not , the current smallest denomination is .00000001 ,

which means the bitcoin supply is not 21000000 as they told you,

the actual bitcoin supply is 2100000000000000, comes out to 2.1 QUADRILLION.
Not a limited supply at all.

The real scam is they can inflate the supply by going to the right side of the decimal instead of the left.
* The Scam network LN, already goes to 12 places below zero, so they are even worse.*

FYI:
McAfee is a NutJob.

Well you demonstrated that you have no clue about anything at all. You as well are a nutter for this utter nonsense. BTC Supply is in fact limited, the miners will have to use the same energy for produce less and less coins. If I remember correctly the time b4 the absolute max supply reached is not the post important time because even b4 that the production will be so expensive at some point that the price will go up. You little childish BS "myth because it can be divided" is really the stupidest thing I heard in a long time.

BTC as opposed to any FIAT is actually limited. The Banks can just print and print more and more money and hyper-inflate to completely make money worthless. This can NOT happen with BTC. In FIAT the supply is unlimited because all the money that exists is nothing more then DEPT! Look at the national dept counters of countries, they race up every milliseconds for unthinkable amounts. FIAT is backed by absolutely nothing. Long term BTC will go up, because if the actual factual scarcity it has and because adoption will rise. But it will not be short term and not as extreme as McAffee claims.

ChrisPop

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Not your Keys, Not your Bitcoins

I noticed that many people are skeptic about Bitcoin reaching 7 digits numbers, but as said in the article posted by the OP there are some pretty strong fundamentals that back McAfee's prediction. I think that $2 million is too exaggerated for Bitcoin to achieve in only 1 year from now so I'd go for a safer choice: $100k by the middle-end of 2020. In the long term if nothing major happens, Bitcoin is bound to reach millions per unit. Adoption is slowly increasing with the retail public as well, not just in the institutions' space. Wink

electronicash

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mcaffee says what he want to say. no one can really say exactly how much btc can be in the future but if he said by the end of this year it will be $2M, that's crazy enough. he really have smoke the strongest variety of buds. even with the recession, the price can't go that high. there isn't just enough people who would think of investing to btc when all that is happening in crypto are scams inflated by the media and he is part of these scams.

pixie85

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Quote from: ?? on ??

Quote from: erricducducan26 on October 23, 2019, 03:46:20 PM

1. Bitcoin’s Scarcity Will Lead to a Price Surge

Dude ,

The bitcoin scarcity scam is a myth.

They say their are only 21 million bitcoin to be made.

But that is only true if the smallest denomination is 1 bitcoin.

It is not , the current smallest denomination is .00000001 ,

which means the bitcoin supply is not 21000000 as they told you,

the actual bitcoin supply is 2100000000000000, comes out to 2.1 QUADRILLION.
Not a limited supply at all.

The real scam is they can inflate the supply by going to the right side of the decimal instead of the left.
* The Scam network LN, already goes to 12 places below zero, so they are even worse.*

FYI:
McAfee is a NutJob.

But this can be done to any currency. What's there to even call a scam? A dollar can be broken into cents and a piece of gold can be divided into grains of dust weighing micrograms. Only a total lunatic would call divisibility a scam.
There are 21 million mined bitcoins out of which at least 10% is lost. A bitcoin can be divided into satoshis and the number of zeroes helps in microtransactions. If Bitcoin ever goes to 100 thousand dollars it will be impossible to pay without using this feature.

I don't like McAfee but when Bitcoin went from 1 dollar to 8 dollars people were dreaming of it being worth 100 dollars one day and when it reached 100 they started dreaming about 1000. It's normal to think big but for me big is 50 thousand. For him it can be a million or two.

o48o

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Quote from: erricducducan26 on October 23, 2019, 03:46:20 PM

1. Bitcoin’s Scarcity Will Lead to a Price Surge
2. $2 Trillion+ Institutional Investment Dollars
3. Bitcoin Halving in May 2020
4. Governments Holding BTC in Central Bank Reserves
5. A Global Recession in 2020

https://bitcoinist.com/mcafees-2-million-bitcoin-prediction/

Bitcoin top can be really insane, i can't see any reason why it wouldn't be, but why would anyone care what McAfee is predicting or talking about is beyond me. I think having this guy as any position of authority or as a spokesman is harmful pr to the whole space. I just hope that media stops referring to him on anything related to bitcoin.

Reid

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Still not enough to prove that kind of huge amount.

C'mon, be real. This aint just a small number considering how strong the US dollar is up to now.
He might be saying this because of the value of USD going down. Yes, that might go to that kind of number if that is the case.
But do you really think that could just happen? They wont let it.

bhabygrim

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Quote from: btcwish1 on October 23, 2019, 04:29:26 PM

Quote from: erricducducan26 on October 23, 2019, 03:46:20 PM

1. Bitcoin’s Scarcity Will Lead to a Price Surge
2. $2 Trillion+ Institutional Investment Dollars
3. Bitcoin Halving in May 2020
4. Governments Holding BTC in Central Bank Reserves
5. A Global Recession in 2020

https://bitcoinist.com/mcafees-2-million-bitcoin-prediction/

BTC is at $7500 as I write and it seems we are going to end up in a BEAR market. so to think BTC price will go from $7500 to $1Mil , some one will need hell lot more strong weed than that of what John Mcafee is smoking!.

BTC price going to $1k is more realistic than it to be $1Mil in just 1 year time!

This one got me I didn't know that there would be a person who would still take McAfee's word seriously even up to this date.
Just look at how much Bitcoin has grown from the past 10 years do you think that it could really go and jump insanely from $7,500 into a Million Dollar ?
Even in the past the highest price jump only made it x20 from $1K-20k and it took a lot of time and you think that from $7,500 it would go insane to 1M .

dothebeats

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Quote from: erricducducan26 on October 23, 2019, 03:46:20 PM

1. Bitcoin’s Scarcity Will Lead to a Price Surge

Always have been considered as a huge factor to such bold predictions. True that it counts as one but the question is when will it happen?

Quote from: erricducducan26 on October 23, 2019, 03:46:20 PM

2. $2 Trillion+ Institutional Investment Dollars

Trust me, it needs a lot more than that in order to reach a massive valuation of $2M. Not all of that $2T dollars is going to flow to bitcoin alone, too.

Quote from: erricducducan26 on October 23, 2019, 03:46:20 PM

3. Bitcoin Halving in May 2020

Haven't seen a bitcoin halving event taking us to crazy gains just yet, and I'm still hoping that we get to witness one, really.

Quote from: erricducducan26 on October 23, 2019, 03:46:20 PM

4. Governments Holding BTC in Central Bank Reserves

Governments having hybrid financial reserves is also non-existent just yet. Most doesn't even have a solid legal framework to work with.

Quote from: erricducducan26 on October 23, 2019, 03:46:20 PM

5. A Global Recession in 2020

2020? $100,000 is already an impossible number even if we meet a severe recession next year, how would we even reach $2M? Besides, not all the money will flow to bitcoin (again) as surely, some of it will meet gold and other precious metals.

robelneo

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Quote from: erricducducan26 on October 23, 2019, 03:46:20 PM

1. Bitcoin’s Scarcity Will Lead to a Price Surge
2. $2 Trillion+ Institutional Investment Dollars
3. Bitcoin Halving in May 2020
4. Governments Holding BTC in Central Bank Reserves
5. A Global Recession in 2020

https://bitcoinist.com/mcafees-2-million-bitcoin-prediction/

It's not crazy but it's extreme, Bitcoin hardly climb in the $20k level and $1 million is so far out, all your point is good but not too good enough to even reach $50k I don't want to rule out $1 million I'm also dreaming of that, but we have to take the reality of all the predictions, I don't know what Mcafee saw that we did not saw and what are the factors that he sees that makes him says that, but so far Bitcoin in million is not reasonable.

Bitcoin_bullish

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You bet against someone to gain something from him when you win and pay when you lose. Mcafee made a bet to mutilate himself if some prediction of his doesn't occur, against nobody.
So this kind of bet can either be lost or end in a tie, with Mcaffee gaining nothing from it.

Terrible bet imo.

Topic: 5 Reasons McAfee’s $2 Million Bitcoin Prediction May Not Be So Crazy (Read 787 times)