BTC will hit $1M on 2020 - John McAfee

[Yaunfitda]

What makes it funnier though is the way he believes on that reddit post, specially from a guy who said that he is a time traveler.

I mean if you are in the right frame of mind, would you honestly believed on that fairy tale? Well if the price hits $1 million then good, but saying that someone predicted it because he travels across time is absurd.

[1715643571]

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[1715643571]

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[fabiorem]

We can't deny tho the fact that "Luka Magnotta" ( A self proclaimed time traveler) have predicted bitcoin price realistically except for the 2021 expected prediction.

What?  I'll admit I only skimmed the OP here, but that guy (unless there's another dude with the same name) is in prison in Canada for unspeakable crimes.  And I'm sure he doesn't own any bitcoin in the hoosegow. 

Now, let me ask all of you:  do you seriously want bitcoin to be worth $1 million next year?  Think about how insane the price curve would have to be for that to happen.  You would have to be as criminally insane as Luka Magnotta to think that we wouldn't be in a bubble at that point (though you wouldn't get locked up for it).  I don't want that.  I do want BTC to be at $1 million at some point, but not next year. 

I hate these crazy predictions.  They remind me of that stock analyst who called a $400 price on AOL stock back in 1999 or so, which was off the charts for AOL back then....and then AOL actually did hit that price.  After that, history speaks for itself. 

I think he was talking about John Titor, but in his timeline he was called Luka Magnotta. You know, Mandela Effect...

[WinslowIII]

Its easy for bitcoin to go from $0.10 to $1.00 and then to $10, then to $100, then to $1000, then go $10000. However eventually the market cap will have to be enormously huge for it to reach $100,000 or $1,000,000.

Basically it means that if the currently trend is accurate then 100x more users will have to use Bitcoin. Right now there is almost 1 million active BTC addresses, so assume that everybody keeps their BTC in their 1 wallet and not on an exchange.

For it to reach $1,000,000 and stay there we would need 100,000,000 active users for BTC. Given how technologically challenging it is, I don't see that happening in 1.5 years. Maybe in 15 years however if the security factor is taken care of and its more user friendly.

Your logic is totally flawed. Market caps are not linearly correlated with usage or number of users. All it takes is a compelling reason for more people to buy than there are for sale and the price will rise until this situation corrects itself. By the time a bitcoin is approaching $1m, this will surely signal the collapse of the fiat system and holding bitcoin at that point makes more sense. This would be a truly desperate situation for the rich who have ignored bitcoin previously who now see the writing on the wall. Do the math:

-36 million millionaires in the world. 7 billion people.
-After subtracting lost bitcoins and those held by those with no intention of selling them for fiat, I believe there are far fewer than 10m potentially for sale. At any point in time only a fraction of those are on exchanges for sale.

Mcafee is basing his prediction on the ever increasing inflation of fiat due to the out of control debt crisis and the out of control printing of fiat to avoid collapse. I think he's using sound logic but I also think his timing is off, 2020 is too soon - but that's just my opinion, maybe he will end up being right after all.

[Gaff]

And so the reason why his security firm investigate all those mixers and suddenly shutdown right?

$1M isn't realistic we know that. But it can be worth more than $20k by 2021. You can also imagine how much your altcoins price would be when BTC got that high already. What do you think could be the reason for its price to go $1M?

It sounds funny to hear expecting too much on that value, and I agree it isn't realistic because it was just a mere speculations. The words coming from our mouth has no limitations, just like our dreams in life it takes no boundaries. John McAfee was just making his dreams realistic through the people who would rather believe or listen to him. Well, that's a good motivations instead of thinking all possibilities into negative aspects. Nobody knows where that price of bitcoin will able to reach, so if it's impossible there's nothing wrong to hope for any possible remarks that it will be meet at certain level. But for now, I think we're far from that and maybe it will took more decades before it happens.

[WinslowIII]

$1m is WAAAAAY more likely than the fucktards saying zero, thats for sure.
We'd get there easily if people would drop all these worthless shitcoins and just hold bitcoin, but gamblers gotta gamble...

[omonuyak]

This news is pretty subjective, as we all know that John McAfee has been drawing a lot of attention lately towards his statement or his predictions towards bitcoin. John is considered as the "world famous bitcoin bull" who also founded a lot of crypto related services in almost all  platform.

Just recently, John's stated that bitcoin will hit $1M probably by the end of next year or early 2021 and his proof was the "Crypto Time traveler". Although it may seem very skeptical (Like the heck who would actually believed that a certain time traveler or a time traveling devices is already existing.) We can't deny tho the fact that "Luka Magnotta" ( A self proclaimed time traveler) have predicted bitcoin price realistically except for the 2021 expected prediction.

as I quote

On average, every year so far, the value of Bitcoin has increased by about a factor ten. From 0.1 dollar in 2010, to 1 dollar in 2011, to 10 dollar in 2012, to 100 dollar in 2013. From now on, there's a slight slowdown, as the value increased by a factor ten every two years, to 1,000 dollar in 2015, to 10,000 in 2017, 100,000 in 2019, and 1,000,000 in 2021. From here onwards, there's no good way of expressing its value in dollars, as the dollar is no longer used, nor is any central bank issued currency for that matter. There are two main forms of wealth in today's world. Land and cryptocurrency.

https://www.reddit.com/r/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/


If you are going to read his post thoroughly, you might be having second thoughts but can still give you a goose bumps if that is really true. One thing is clear for me tho that saving coins might be able to save me from this era which is actually fast approaching.

Your thoughts?

Sources:
https://www.ccn.com/john-mcafee-bitcoin-time-traveler-btc-hit-1-million
https://twitter.com/crypto_rand/status/1133299180041056256?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1133299180041056256&ref_url=https%3A%2F%2Fwww.chepicap.com%2Fen%2Fnews%2F10063%2Fthe-bitcoin-time-traveler-was-right-since-2013-and-predicts-100k-for-2019.html

I hope his predictions come to past and if that will happen it will be a sign that wealth has changed hand and those that we know to be rich today will not be in future but those that has hold their bitcoin and altcoins till then will be the wealthy class.

[exstasie]

Its easy for bitcoin to go from $0.10 to $1.00 and then to $10, then to $100, then to $1000, then go $10000. However eventually the market cap will have to be enormously huge for it to reach $100,000 or $1,000,000.

Basically it means that if the currently trend is accurate then 100x more users will have to use Bitcoin. Right now there is almost 1 million active BTC addresses, so assume that everybody keeps their BTC in their 1 wallet and not on an exchange.

For it to reach $1,000,000 and stay there we would need 100,000,000 active users for BTC. Given how technologically challenging it is, I don't see that happening in 1.5 years. Maybe in 15 years however if the security factor is taken care of and its more user friendly.

Your logic is totally flawed. Market caps are not linearly correlated with usage or number of users.

Agreed. He's applying some variant of Metcalfe's law but he's applying it linearly when the effect is supposed to be exponential. So he's off by orders of magnitude. Metcalfe's law also probably shouldn't be taken literally since it doesn't account for things like speculation.

-36 million millionaires in the world. 7 billion people.
-After subtracting lost bitcoins and those held by those with no intention of selling them for fiat, I believe there are far fewer than 10m potentially for sale. At any point in time only a fraction of those are on exchanges for sale.

That's really the key here. Many people are trying to apply some fundamental valuation to Bitcoin, as if it were a company stock. I think that's a terrible approach. Bitcoins are extremely scarce, and supply is going to keep thinning out in the coming years as long term investors continue hoarding. It's a race to accumulate from a very small supply of BTC.

We don't need the masses to push the price to millions USD. Wealthy investors, institutions (and who knows, maybe central banks) can do that on their own. The masses may end up using BTC but they won't ever be able to own much.

[WinslowIII]

Its easy for bitcoin to go from $0.10 to $1.00 and then to $10, then to $100, then to $1000, then go $10000. However eventually the market cap will have to be enormously huge for it to reach $100,000 or $1,000,000.

Basically it means that if the currently trend is accurate then 100x more users will have to use Bitcoin. Right now there is almost 1 million active BTC addresses, so assume that everybody keeps their BTC in their 1 wallet and not on an exchange.

For it to reach $1,000,000 and stay there we would need 100,000,000 active users for BTC. Given how technologically challenging it is, I don't see that happening in 1.5 years. Maybe in 15 years however if the security factor is taken care of and its more user friendly.

Your logic is totally flawed. Market caps are not linearly correlated with usage or number of users.

Agreed. He's applying some variant of Metcalfe's law but he's applying it linearly when the effect is supposed to be exponential. So he's off by orders of magnitude. Metcalfe's law also probably shouldn't be taken literally since it doesn't account for things like speculation.

-36 million millionaires in the world. 7 billion people.
-After subtracting lost bitcoins and those held by those with no intention of selling them for fiat, I believe there are far fewer than 10m potentially for sale. At any point in time only a fraction of those are on exchanges for sale.

That's really the key here. Many people are trying to apply some fundamental valuation to Bitcoin, as if it were a company stock. I think that's a terrible approach. Bitcoins are extremely scarce, and supply is going to keep thinning out in the coming years as long term investors continue hoarding. It's a race to accumulate from a very small supply of BTC.

We don't need the masses to push the price to millions USD. Wealthy investors, institutions (and who knows, maybe central banks) can do that on their own. The masses may end up using BTC but they won't ever be able to own much.

The key is to believe it will happen. If you can't do that, you will not be holding any bitcoin by the time it happens, you will only be holding fiat - the value of which is on an impossible to stop path to becoming worthless. The bigger question for me is, will I even want to live in a post economic collapsed world?
This article is about people worried that the price of bitcoin is a strong indication of a future collapse in the value of fiat and the economy. They are right to worry, because this is exactly what's going on.
https://www.ccn.com/bitcoin-price-massive-dystopian-panic-recession-2019

[Qoheleth]

That Reddit post is very silly. Where's the altcoins? Why is a Bitcoin in common usage with 1% issuance per year still "deflationary"? People don't need loans in the brave new world of 2025? And are we meant to believe governments didn't use M-of-N escrow to protect their stashes?

This is even putting aside the more fundamental issue, that if the rebels have the power of traveling time, they can destroy Bitcoin easily, by double-spending and then reverting via blocks from the future. Much easier/cleaner than nuclear submarine plan

$1m is WAAAAAY more likely than the fucktards saying zero, thats for sure.

Well, "zero" is a long way down; even Zimbabwe Dollars are worth a little as novelty gifts.

That said, I think both are pretty unlikely, assuming no big changes to the code. Very hard to secure the network at that pricepoint, without building many many power plants...

[pooya87]

McAfee  saw the start of the bull run and predicted we are going to soon see another altcoin shitshow so he is starting to build up towards the day he starts making tons of money from them again. in case you have forgotten last time he did the same things to gain popularity he also started participating in a lot of shitcoin pump and dumps among other things such as advertising scam ICOs and getting paid for it.
he now is trying to refresh that fake popularity to do the same thing and make a ton of money again.

as for $1 million in 2020, it is bullshit because it can only happen if bitcoin gets pumped and we know that bitcoin is not a pump and dump shitcoin like the 2000+ altcoins that get pumped and dumped every day. $1 M will be reached but not this soon.

[Kemarit]

Initially John said he has a model for predicting his $1 million in 2020.

(https://twitter.com/officialmcafee/status/935900326007328768)

But now he acknowledge that he just go it from some reddit post years ago from some time traveler guy and he actually believed that it will become reality in 2020? 

Here is the graph, for those who want to track it, (https://fnordprefekt.de/). It's really off so I'm pretty sure that as much as we want the price of Bitcoin to hit $1 million in the future, all indications says that it won't. John made a miscalculation and it's to early to say that 2020 will be the year wherein we can see the price goes to that level.

[adaseb]

McAfee  saw the start of the bull run and predicted we are going to soon see another altcoin shitshow so he is starting to build up towards the day he starts making tons of money from them again. in case you have forgotten last time he did the same things to gain popularity he also started participating in a lot of shitcoin pump and dumps among other things such as advertising scam ICOs and getting paid for it.
he now is trying to refresh that fake popularity to do the same thing and make a ton of money again.

as for $1 million in 2020, it is bullshit because it can only happen if bitcoin gets pumped and we know that bitcoin is not a pump and dump shitcoin like the 2000+ altcoins that get pumped and dumped every day. $1 M will be reached but not this soon.

Yes if you followed him on Twitter and were online when he tweeted his pump, you could actually make some gains if you were one of the first few to buy when it was announced.

Obviously the coin was bought before his tweet but he has so many followers that buy anything that he mentions in his tweets, his endorsements usually get lots of attention.

[upsidedown75]

--snip

If his blood is to be tested, I am pretty sure they will find the history of cocaine in his body, because only someone high on weed will think bitcoin will get to that price by 2020. We are all lovers of bitcoin and we believe so much in its future more than any other person out there which we also believe that the market is currently a speculative one and that is where it gets its value from.

For that prediction of bitcoin hitting 1m usd by next year? Mcafee must have up to trillions of dollars probably stored somewhere that he is ready to pump into the market or maybe he has a plan to impose the coin on everyone on this earth by next year.

[STT]

I'll go with nothing is impossible and the larger more serious story is serious problems with dollar and many other FIAT currencies (this weakness is really the only way BTC rises so much imo).   Its unlikely that blows up but the fuse is lit as far as Im concerned, I doubt Mcafee is referencing that larger problem and its not about crypto directly.   McAfee is just a cheerleader, who can blame him if he gets pay for it and its a return on him being one of the first pioneers in software tech I guess but its a distortion and I never hear him say useful info

1 million is more likely then zero, the worst estimates from those who dont value BTC I've read have said it will just trade in the hundreds.   Ive been around long enough that even that represents growth, the system continuing is what people initially dismissed and now I dont see that so much

[LUCKMCFLY]

Well the truth MCafee has always been a very controversial character, especially in his predictions, the truth can say many things, but for my criterion it is meaningless because it does not show a report or a technical analysis of its prediction.

Mcafe I do not know under what arguments his predictions are based, however, it is likely to reach a very high price because there is an induction of many new investors to the market, either from the Stock Market, due to the policies of the SEC, the BAKKT Also, ETFs have not been approved, which somehow attracts new traders.

In this stage of market accumulation there are many price increases in the bitcoin although it is in the accumulation stage, which can eliminate the offer quickly.

[Slow death]

I've seen many people with very strange personalities, but John McAfee is on another strange personality level



THE MCAFEE FREEDOM COIN

Bloomberg: John McAfee Pauses Plan to Out Satoshi Nakomoto’s Identity, Fearing Lawsuit

McAfee to Lead 2020 Presidential Campaign ‘in Exile’ After Alleged IRS Indictment

by this I mean that we should not take seriously what John McAfee says

[Reid]

Now a time traveler?  

Cmon, enough with the McAfee. Let us just stay with the McDonalds.  
This man is getting worst with his mental illness.
Perhaps someone wants to donate something for the guy to be cured. There is so much locked veins in his brain that he cannot think straight anymore.
He is just stating what happened in the past and trying to connect dots. Even a baby can connect dots.  
Get a life and stop listening to him. There is more to do in this world than wasting time with him.

[exstasie]

That said, I think both are pretty unlikely, assuming no big changes to the code. Very hard to secure the network at that pricepoint, without building many many power plants...

Have you actually done the math on that? Based on hash rate trends, where would you expect the hash rate to be in the case of million dollar BTC?

There's also the renewable energy infrastructure to consider. Solar panels and wind energy continue to get cheaper. And what if Bitcoin ends up taking a big bite out of the gold market? If the gold market shrinks, we'll see lots of energy-intensive mining operations shut down.

[STT]

People should do the math more often of what happens if BTC were large enough to impact normal finance markets in any way.    Workers in Finance say Bitcoin lacks the infrastructure and contracts required to assure prices overnight to all kinds of operations in financial transactions, if it cannot be held as reliably overnight its then limited in the scope of what it can replace.    Gold is extremely stable market in comparison and I think crypto and gold do not oppose each but likely are both more used in future for different purposes and time periods.

we'll see lots of energy-intensive mining operations shut down.

As price changes theres always a kick back effect and greater development in processing chips themselves likely leads to less power needed but also solar power and some other alternatives keep improving in their efficiency.    Theres even some argument which I kinda agree with that Bitcoin is a form of power distribution, normal power production finding resistance over long distances and losing energy in transmission where Bitcoin itself loses nothing in transmission while consuming power at its source of mining.
   There is some confluence between any remote or awkward placement in power production that might happen in hydro, solar, wind and BTC being able to harvest that value and be part of the green power sector developing.   I dont see that mentioned especially but its possible BTC is some positive so long as it stays a reliable resource to a business.

I would like to believe there is some value in these factors that underlies the natural froth to the price and allows Bitcoin to keep defying sceptics.   Development takes time however

[Tagus45]

Too much by predicting that bitcoin will skyrocket at the price of $ 1,000,000 in 2020, which is a hope for enthusiasm, but that seems unlikely in 2020.