John McAfee Doubles-Down On $1 Million Bitcoin Call
In late-2017, when BTC was surpassing key levels each and every day, we reported that technology guru John McAfee made a prediction that Bitcoin would hit $1 million by the end of 2020. He put his manhood on the line. And while the cryptocurrency has evidently fallen drastically since then, he recently doubled-down on this ambitious forecast in a tweet.
Responding to an article that postulated that Bitcoin may hit $400,000 within two years, McAfee remarked that this is nonsensical not because the prediction was ludicrously high, but because it was well too low. In fact, he remarked that “anyone who can add and subtract,” and harness “point-set topology” knows that BTC “can’t be less than” $1 million in two years’ time. In a bid to accentuate his point, he asked, rhetorically, “does no one study math anymore?”
This quip was made seemingly in reference to his theory that Bitcoin’s market valuation will soon be determined by its on-chain statistics, not purely by speculative pressures. And with the number of Bitcoin transactions continuing to swell, cementing that adoption is occurring, McAfee believes it would be hard to argue that BTC won’t naturally move higher with ample time.
And interestingly, some would agree that $1 million is inbound, to some extent anyway.
In a recent interview, Jesse Lund, the head of IBM’s blockchain division, revealed that Bitcoin trading at $1,000,000 isn’t an illogical scenario in his eyes. Fundamentally, he notes that a seven-figure valuation would give Bitcoin $20 trillion in network liquidity, making corporate payments on the blockchain a possibility. While he has high hopes for BTC, he noted that speculators are currently holding back the asset. Lund explained that this subset of investors are “thinking about it wrong,” likely regarding the argument that BTC is much more than a speculative asset, as it can be programmed for a wide array of use cases.
Wences Casares, who is dubbed the “Patient Zero” of Bitcoin adoption, recently released a piece titled “The case for a small allocation to Bitcoin.” The title may sound innocuous, but the information contained in the essay-esque article blew socks off the feet of investors across the industry.
Casares, who heads Xapo, claimed that while Bitcoin has a 20% chance of failure from his perspective, citing the fact that it remains an experiment, he is more than 50% sure that the cryptocurrency will succeed beyond our wildest dreams. He looks to the fact that BTC has existed for 10 years with (basically) zero interruption/immutability concerns, and that Bitcoin has a rapidly growing user base and an active transactional use case. Casares adds that if Bitcoin succeeds it may be valued at a drastically higher price than it is now. As reported by Ethereum World News previously, a BTC that succeeded, in the eyes of the investor, could be valued at $1 million apiece, 200 times higher than current prices, and all this could be accomplished within the next ten years.
With this in mind, he noted that it is nonsensical not to own Bitcoin, calling it a “unique opportunity for a non-material exposure to produce a material outcome.” He added that not owning any of the digital assets may very well be almost “irresponsible.” In conclusion, Casares explains:
In today’s world where every asset seems priced for perfection, it is hard, if not impossible, to find an asset that is so mispriced and where the possible outcomes are so asymmetrical.
Title Image Courtesy of Andre Francois Mckenzie Via Unsplash
