John McAfee, whose fame exists rather heavily due to the software company he founded in the late 1980s, took to Twitter yet again on February 2, 2018, to reaffirm that he was indeed bullish on bitcoin. In an attempt to predict bitcoin’s price at the end of this decade, McAfee had previously stated that it would reach “$500,000 by the end of 2020”. In November 2017, he tweeted that the cryptocurrency had accelerated much faster than expected, causing him to raise his prediction to $1 million instead.
McAfee’s bitcoin prediction is not all that he has stated in his tweets though. He has claimed that if bitcoin does not reach his price target by the end of 2020, he will proceed to “eat his d**k on national television.” While it is obviously near impossible that any televised network will allow such a demonstration on air, McAfee is perhaps trying to instill greater confidence in his prediction. That said, most people, including some diehard cryptocurrency enthusiasts, have derided his bold claims.
According to McAfee, his “prediction model” had only forecast bitcoin reaching $5000 by the end of 2017. The reality, however, panned out to be quite deviant from his model, with the digital currency finding itself at an all-time high peak of close to $20,000 in December 2017. Bitcoin, along with the entire cryptocurrency market, has been on a steady decline since reaching that peak, with the cumulative market cap at least 40% lower than what it was a month ago, at least as of the time of writing this article two months later. Naturally, this has prompted people to question McAfee’s prophecy for the future. If bitcoin were to hit $1 million by 2020, it would have to appreciate a hundred times from its current valuation.
John McAfee recently ended his role as the chief cybersecurity visionary at MGT Capital Investments. The company not only has a significant stake in hydro-powered bitcoin mining, but has also been working with blockchain technology to develop security-related products.
Interestingly, McAfee has been a rather strong proponent of the bitcoin fork, Bitcoin Cash (BCH). He even alluded to the two cryptocurrencies potentially battling it out for the top position sometime in the future. Most Bitcoin Cash supporters believe that the original bitcoin is too bloated and unusable as a currency or substitute for cash, thus necessitating the fork. McAfee not only believes that BCH is a possible cash-based payment system, but also that it may dethrone bitcoin as the de facto cryptocurrency. That said, his BCH vision surprisingly does not jeopardize the one in which bitcoin reaches $1 million within the next couple of years.
It remains to be seen whether bitcoin will once again retrace its steps back to the all-time high established back in December 2017. While past performance is no indicator of the future, it is very likely that the entire digital currency market will recover sooner or later as it always has. Once that happens though, one can only speculate whether McAfee’s audacious price target is attainable or not.
This month, I spoke about bitcoin’s first bottleneck, the price and the second bottleneck, exchanges. I feel the series needs a brief interruption so that we can discuss, yet again, the price; before we move onto different subjects, more technology related.
Some are calling this correction a complete bloodbath. I’ve read in many places how this has to be connected with regulatory scrutiny in eastern Asia: due to heavier restrictions being applied to crypto exchanges and mining companies, people are fleeing the markets.
How many times have you read news about China or South Korea or Russia (and so on), imposing heavy restrictions on cryptocurrency?
How many times has China banned cryptocurrency trading?
And how often have do you read about the ‘impending bitcoin bubble‘.
I really don’t see that much of a connection between such news and what’s really happening in the market. We can conclude that, by looking into what’s been happening to volume over the last month or so.
Billionaire investing icon Warren Buffett is bearish on cryptocurrency in all its forms. He argues that the bitcoin price is a “real bubble”, and he is not optimistic about the potential of initial coin offerings, either.
The bitcoin gold price crashed by 62% following its first official day of trading, despite the fact that no exchanges have enabled deposits.
Wall Street strategist Tom Lee predicts that the Bitcoin Investment Trust (OTC: GBTC) could triple in value by 2022 if his bitcoin price predictions prove to be correct.
For the past two days, the bitcoin price has struggled to recover beyond $5,500, after surging above $6,000. Analysts have attributed to the recent decline in the price of bitcoin to the upcoming Bitcoin Gold hard fork, and the lack of support from the community.
Bitcoin exchange Coinbase announced that it will now allow users to buy bitcoin, ethereum, and litecoin instantly when paying with a US bank account.
Coinbase made the announcement in a blog post. Previously, customers who purchased cryptocurrency using a bank account had to wait several days — sometimes as long as a week — before they received access to their assets. Now, customers who pay for their cryptocurrency purchases using a US bank account can buy up to $25,000 worth of BTC, ETH, and LTC and receive access to their coins immediately.
Despite the Chinese government’s crackdown on initial coin offerings (ICOs) and cryptocurrency exchanges, local traders have invested in Bitcoin with a huge premium during its recent rally.
As Cryptocoinsnews previously reported, the Bitcoin price achieved a new all-time high at $5,920 last week, moving closer to the $6,000 region. Analysts including billionaire hedge fund investor Mike Novogratz predicted the Bitcoin price to surge even further in the mid-term, as an increasing number of institutional investors engage in cryptocurrency and Bitcoin trading.
Former Wall Street mogul and billionaire bitcoin investor Mike Novogratz has called Jamie Dimon a ‘rent-taker’ who will lose the fight against the ‘cryptorevolution’ led by cryptocurrencies like bitcoin and blockchain technology.
Retired Wall Street macro fund manager Michael Novogratz has offered his opinion on JPMorgan Chase chief Jamie Dimon’s much-publicized recent comments on bitcoin. Dimon called bitcoin a ‘fraud’, threatened to fire any employee trading bitcoin and more recently, said ‘stupid’ bitcoin buyers will pay the price for adopting the cryptocurrency.
If you ask a billionaire investor and entrepreneur like Mark Cuban for advice on how to get rich, you might expect a complicated answer.
However, according to “Mark Cuban’s Guide to Getting Rich” — the best way to build wealth is much less exciting than Hollywood suggests. Avoid credit cards, buy in bulk, and invest in a low-cost, passively managed mutual fund that tracks the S&P 500, he advises in the Vanity Fair-produced video.
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