Thoughts on John McAfee's statements about Bitcoin's future? $1M prediction

[Xulion]

Just bought 0.01 BTC yesterday and I was wondering what reasons we have to believe what he is saying about his $1M prediction.
I want to put more money into it, but since my budget isn't large and I can't afford to lose much as a beginner and someone who's trying to build something from almost the ground up,
I'd like to know if there's any good reason to believe his claims & predictions (other than his proposal to castrate himself if it doesn't), I'm new to all of this and I am pretty tempted to do all I can to push my budget into being able to spend a few thousand on it eventually, even if I don't even have a few thousand to spare as of now.

Any advice?

[bjbear123]

Hi and welcome to BitcoinTalk!

I don't know if his valuation is true personally, I can see bitcoin getting to the $50 - 100K mark but the issue with bitcoin is scaling. It can cost around $5 - $20 to transfer a small amount of bitcoin now which is ridiculous and defies the point of bitcoin. Bitcoin fees are ever rising, and if bitcoin did reach 1M then the fees for a transaction would be around $1,000 - $5000. This is why I cannot see it happening unless the lightning network is quickly brought in, or the core devs can do something to drastically lower the transaction fees. I just feel at the moment bitcoin is unusable for its intended purpose.

On the other hand, I like Litecoin, it is seen as the 'silver to bitcoins gold'. It has incredibly fast transactions and fees are about 1 cent regardless the amount of Litecoin being moved, I hope to buy a whole lite coin when the price dips again.

[gentlemand]

From what I've gleaned I really don't think Mr. Mcafee understands very much about Bitcoin. He thought there'd only been one halving so far.

He's also out of his mind on drugs for most of the day.

There is no reason to put any faith in his prediction whatsoever. It's possible but so is an asteroid landing on your face.

[smyslov]

Just bought 0.01 BTC yesterday and I was wondering what reasons we have to believe what he is saying about his $1M prediction.
I want to put more money into it, but since my budget isn't large and I can't afford to lose much as a beginner and someone who's trying to build something from almost the ground up,
I'd like to know if there's any good reason to believe his claims & predictions (other than his proposal to castrate himself if it doesn't), I'm new to all of this and I am pretty tempted to do all I can to push my budget into being able to spend a few thousand on it eventually, even if I don't even have a few thousand to spare as of now.

Any advice?

I don't know how did he comes up with that figure and what tools or study does he uses I think he just want to hype Bitcoin because hw is holding a lot of it, and since he has a good name and authority, people will buy it, he is our own version of warren buffet

[akamit]

We already discussed about McAfee's statement so many times.
At first he said, bitcoin price will be $500k by 2020 and then he said $1m by 2020.
Once I shared my opinion that McAfee's prediction is not realistic and I also wanted to know on what basis he made his predictions.

Bitcoin may hit $1m, but not in 2020 instead after 2050.

Just don't believe in his prediction and don't invest on the basis of his prediction.

Do not take my opinion as financial advise. Do your research and invest at your own risk.

[noodleasprin]

Recently john McAfee has stated that he predicts that a bitcoin would go an be valued 1 million us dollars by the year 2020. Although unlike to happen he probably said so in order to make more people invest in bitcoins to make sure that bitcoins won't loose value in the future.

[talkbitcoin]

Just bought 0.01 BTC yesterday and I was wondering what reasons we have to believe what he is saying about his $1M prediction.
I want to put more money into it,

if you have just invested to become rich then it will never happen. and i do really believe that if everyone starts thinking about how rich they can get and forget what they are buying then price will never get there.

instead it is best to understand what bitcoin is.
what it means to be a decentralized money.
what it means to be a safe and fast currency that nobody controls.
and generally all the benefits of bitcoin.

if you do that, i think you will get your answer too. you will see why people believe that bitcoin price will be a lot more than what it is today.
but if you just look at it as some virtual numbers on the internet that gain value, of course you will find it hard to believe 1 bitcoin can be worth $1 million dollar and more.

[kiemnhieutien]

I never think that John McAfee's statements will become true, but by the end of 2020, BTC price can be around 200k$

[jcarl987]

I think he just wants an excuse to eat his dick on TV.

[lighpulsar07]

Well my opinion about mcafee's prediction is ridiculous bitcoin will not reach 1 million in 2020 it is just a short period of time and now bitcoin is only sitting at 20,000 dollars although this year bitcoin surge very fast this i don't think that it could rise any faster at this point because many could sell of the bitcoins hold for years and the demand could decrease due to the high price and also, bitcoin has facing issues currently which is increasing transaction fees and due to this holders who want a lower fees were moving to altcoins.

[Lieldoryn]

Well my opinion about mcafee's prediction is ridiculous bitcoin will not reach 1 million in 2020 it is just a short period of time and now bitcoin is only sitting at 20,000 dollars although this year bitcoin surge very fast this i don't think that it could rise any faster at this point because many could sell of the bitcoins hold for years and the demand could decrease due to the high price

I do not believe any predictions. But bitcoin has shown this year a very good result. Last year, the price increase seemed something unattainable. Today 20-21 thousand dollars is a reality. Therefore, I believe that someday we can see $ 1 million. Until the best tactic to use bitcoin is to keep the coin we can expect any price.

[virtualdn]

I think this man knows what he is talking and chances are 50%-50%

If you want a more realistic one: BTC will surpass $100,000 until the end of next year

[kueyen]

I think he isn't correct all the time, but you have to listen to his predictions because I believe that at least to a certain extent, he knows what he's talking about. Just take a look at his predictions regarding XVG, and how anonymous cryptocurrencies will rise in general. It has started to get me thinking about investing in Zcash.

[Cobalt9317]

If every believer is going to believe that statement of Mcafee they would start to invest in bitcoin and only then the price will rise to 1m$, cause if the percent of the believer is higher than the unbelievers chances are price will be unobtainable for a regular bitcoin enthusiast.

[LeGaulois]

From what I've gleaned I really don't think Mr. Mcafee understands very much about Bitcoin. He thought there'd only been one halving so far.

He's also out of his mind on drugs for most of the day.

There is no reason to put any faith in his prediction whatsoever. It's possible but so is an asteroid landing on your face.

LOL, Yesterday I watched a documentary about cybersecurity and the journalist interviewed him in his home. He was in pajama and started to drink alcohol (he just waked up 0.o) it was the morning. He started to show his porn magazine hidden in the kitchen to the journalist. He looks like someone who hasn't sleep for a week.

on topic:
He was surely exaggerating because he isn't the type of guy knowing much about bitcoin. It was just a fantasy guess like he can say Santa is real

[BitcoinHodler]

i have a feeling that John McAfee is mostly started talking about bitcoin because of two things. first because he invested in bitcoin before they began talking about it, so obviously he is hyping bitcoin and kind of advertising it.
and second because he wants to get some publicity. his name is being repeated all over the bitcoin related space and also other places.

not that i am saying his prediction and even more is not going to happen. just saying the motives seem to be these to me!

[Cammo01]

I don't know about 1M, but I could see it at half of that in 10 years time...

[gentlemand]

LOL, Yesterday I watched a documentary about cybersecurity and the journalist interviewed him in his home. He was in pajama and started to drink alcohol (he just waked up 0.o) it was the morning. He started to show his porn magazine hidden in the kitchen to the journalist. He looks like someone who hasn't sleep for a week.

on topic:
He was surely exaggerating because he isn't the type of guy knowing much about bitcoin. It was just a fantasy guess like he can say Santa is real

I saw that interview too. He was raging alcoholic up until the 1980s and then he was reborn as a yoga guru. He's quite clearly fallen off the wagon and let it run him over several times in a row. Still, I'd probably do the same in my 70s. It's not as if you have much health left to preserve. The alternative is an extra 5-10 years of utter horror.