Crypto Evangelist John McAfee: BTC To Cost $1 Billion In 2020
John McAfee, a renowned developer and crypto enthusiast, has termed Bitcoin (BTC) as “the number 1 cryptocurrency” in the ecosystem of digital assets, and made a suggestion that from a mathematical standpoint, the price of the first cryptocurrency will reach $1 billion by 2020, AMBCrypto reports.
McAfee postulates that the degree of Bitcoin mining complexity is growing, and the price for the last mined Bitcoin (of all $21 million possible) may reach billions. Simultaneously, the Bitcoin mining block reward will shrink twofold — from 12.5 to 6.25 BTC per block.
“Say what you want, mathematics doesn’t lie. It is the number 1 coin for processing transactions,” said McAfee.
The expert assured all crypto miners that despite bitcoin's price, the crypto mining industry will in any case remain profitable for permanent complexity of calculations, which is linearly proportional to bitcoin's price, meaning that the process of mining is resiliently lucrative. He explained that if bitcoin's price falls to $2000, then mining difficulty will reduce as well, henceforth crypto miners will be able to process millions of coins.
McAffee called on all crypto investors to stick to HODL strategy, be loyal and store the cryptocurrency as long as possible.
“There is no such thing as a wealthy short-term investor,” concluded the specialist.
According to McAfee, crypto market volatility, which has been driving to a nonplus as of lately, is predetermined by unknown persons who deliberately manipulate the cryptocurrency's rate. In his opinion, these people will soon lose their millions and then “it is all over.” He highlighted that bitcoin is at an “infant stage” and is prone to external forces, but very soon the cryptocurrency will turn into a “fire in the forest.”
As previously reported, in accordance with John McAfee’s statement, bitcoin will be used as a gold standard for savings.