5 Reasons McAfee’s $2 Million Bitcoin Prediction May Not Be So Crazy

[Sadlife]

    1. Bitcoin’s Scarcity Will Lead to a Price Surge
    2. $2 Trillion+ Institutional Investment Dollars
    3. Bitcoin Halving in May 2020
    4. Governments Holding BTC in Central Bank Reserves
    5. A Global Recession in 2020

https://bitcoinist.com/mcafees-2-million-bitcoin-prediction/

would you cut balls also if this is not happen in 2022?kindly answer first so we know that McAfee has companions doing the same

McAfee is more of a joker to me, can't even take any of his baseless predictions and assumptions serious. How on earth can Bitcoin get to $1m dollars in just one year time from it is at the moment. He is just chasing clout, saying anything just to claim being relevant. With Bitcoin price slipping gradually, we're in for another long red drag.

he is always irrelevant mate and thats the reality nothing in his word becomes true(though there are isolated cases that closes to the price)
but absolutely this man is only looking for attention and maybe he wasn't loved by her mother so he is seeking it here

[Murat]

For me, it just a daydream, I don't have much expectation from Bitcoin, I think it's not an only factor of cryptocurrency that should be focused and another cryptocurrency will not get any highlight, so if you want to see the development of cryptocurrency then you must consider most of all potential cryptocurrency, I think Bitcoin is in a good shape, it's true that we are losing Bitcoin day by day but it's also true that the Bitcoin mining rate is also increasing that's why I have a doubt of scarcity, He wanted to predict another Bitcoin Halving in May 2020 but it's a totally vague prediction because no logic behind this statement so far, And I completely disagree with another reason which is Global Recession in 2020, if it will happen then Bitcoin and cryptocurrency platform get also highly affected so it's out of question.

[millennium00]

They are very good arguments in favor of Bitcoin and if the last fact of a global recession is presented in 2020, many investors will abandon traditional projects and will opt for Bitcoin and other cryptocurrencies, how much can the price go up? No one knows, but there can be accelerated growth and best of all stay on a high stand.

[sunsilk]

I was on hype when he said that before because during those days the market was so high and on hype. But I've found no hope with his words when he started to advertise pump and dump scheme on his twitter account.

It's true that there will be a halving by next year and it can potentially move the market up. But up to the point of $1M-$2M, give it up. I don't think that we will be coming up to that point too early. Maybe we can reach hundreds of thousands in the future but not with millions.

[Bitcoin_bullish]

You bet against someone to gain something from him when you win and pay when you lose. Mcafee made a bet to mutilate himself if some prediction of his doesn't occur, against nobody.
So this kind of bet can either be lost or end in a tie, with Mcaffee gaining nothing from it.

Terrible bet imo.

[robelneo]

    1. Bitcoin’s Scarcity Will Lead to a Price Surge
    2. $2 Trillion+ Institutional Investment Dollars
    3. Bitcoin Halving in May 2020
    4. Governments Holding BTC in Central Bank Reserves
    5. A Global Recession in 2020

https://bitcoinist.com/mcafees-2-million-bitcoin-prediction/

It's not crazy but it's extreme, Bitcoin hardly climb in the $20k level and $1 million is so far out, all your point is good but not too good enough to even reach $50k I don't want to rule out $1 million I'm also dreaming of that, but we have to take the reality of all the predictions, I don't know what Mcafee saw that we did not saw and what are the factors that he sees that makes him says that, but so far Bitcoin in million is not reasonable.

[dothebeats]

    1. Bitcoin’s Scarcity Will Lead to a Price Surge

Always have been considered as a huge factor to such bold predictions.  True that it counts as one but the question is when will it happen?

    2. $2 Trillion+ Institutional Investment Dollars

Trust me, it needs a lot more than that in order to reach a massive valuation of $2M. Not all of that $2T dollars is going to flow to bitcoin alone, too.

    3. Bitcoin Halving in May 2020

Haven't seen a bitcoin halving event taking us to crazy gains just yet, and I'm still hoping that we get to witness one, really.

    4. Governments Holding BTC in Central Bank Reserves

Governments having hybrid financial reserves is also non-existent just yet. Most doesn't even have a solid legal framework to work with.

    5. A Global Recession in 2020

2020? $100,000 is already an impossible number even if we meet a severe recession next year, how would we even reach $2M? Besides, not all the money will flow to bitcoin (again) as surely, some of it will meet gold and other precious metals.

[bhabygrim]

    1. Bitcoin’s Scarcity Will Lead to a Price Surge
    2. $2 Trillion+ Institutional Investment Dollars
    3. Bitcoin Halving in May 2020
    4. Governments Holding BTC in Central Bank Reserves
    5. A Global Recession in 2020

https://bitcoinist.com/mcafees-2-million-bitcoin-prediction/

BTC  is at $7500 as I write and it seems we are going to end up in a BEAR market. so to think BTC  price will go from $7500 to $1Mil , some one will need hell lot more strong weed than that of what John Mcafee is smoking!. 

BTC price going to $1k is more realistic than it to be $1Mil in just 1 year time! 

This one got me I didn't know that there would be a person who would still take McAfee's word seriously even up to this date.
Just look at how much Bitcoin has grown from the past 10 years do you think that it could really go and jump insanely from $7,500 into a Million Dollar ?
Even in the past the highest price jump only made it x20 from $1K-20k and it took a lot of time and you think that from $7,500 it would go insane to 1M .

[Reid]

Still not enough to prove that kind of huge amount.

C'mon, be real. This aint just a small number considering how strong the US dollar is up to now.
He might be saying this because of the value of USD going down. Yes, that might go to that kind of number if that is the case.
But do you really think that could just happen? They wont let it.

[o48o]

    1. Bitcoin’s Scarcity Will Lead to a Price Surge
    2. $2 Trillion+ Institutional Investment Dollars
    3. Bitcoin Halving in May 2020
    4. Governments Holding BTC in Central Bank Reserves
    5. A Global Recession in 2020

https://bitcoinist.com/mcafees-2-million-bitcoin-prediction/

Bitcoin top can be really insane, i can't see any reason why it wouldn't be, but why would anyone care what McAfee is predicting or talking about is beyond me. I think having this guy as any position of authority or as a spokesman is harmful pr to the whole space. I just hope that media stops referring to him on anything related to bitcoin.

[pixie85]

    1. Bitcoin’s Scarcity Will Lead to a Price Surge

Dude ,

The bitcoin scarcity scam is a myth.

They say their are only 21 million bitcoin to be made.

But that is only true if the smallest denomination is 1 bitcoin.

It is not , the current smallest denomination is .00000001 ,

which means the bitcoin supply is not 21000000 as they told you,

the actual bitcoin supply is 2100000000000000, comes out to 2.1 QUADRILLION.
Not a limited supply at all.

The real scam is they can inflate the supply by going to the right side of the decimal instead of the left.
* The Scam network LN, already goes to 12 places below zero, so they are even worse.*

FYI:
McAfee is a NutJob.

But this can be done to any currency. What's there to even call a scam? A dollar can be broken into cents and a piece of gold can be divided into grains of dust weighing micrograms. Only a total lunatic would call divisibility a scam.
There are 21 million mined bitcoins out of which at least 10% is lost. A bitcoin can be divided into satoshis and the number of zeroes helps in microtransactions. If Bitcoin ever goes to 100 thousand dollars it will be impossible to pay without using this feature.

I don't like McAfee but when Bitcoin went from 1 dollar to 8 dollars people were dreaming of it being worth 100 dollars one day and when it reached 100 they started dreaming about 1000. It's normal to think big but for me big is 50 thousand. For him it can be a million or two.

[electronicash]

mcaffee says what he want to say. no one can really say exactly how much btc can be in the future but if he said by the end of this year it will be $2M, that's crazy enough. he really have smoke the strongest variety of buds. even with the recession, the price can't go that high. there isn't just enough people who would think of investing to btc when all that is happening in crypto are scams inflated by the media and he is part of these scams.

[ChrisPop]

I noticed that many people are skeptic about Bitcoin reaching 7 digits numbers, but as said in the article posted by the OP there are some pretty strong fundamentals that back McAfee's prediction. I think that $2 million is too exaggerated for Bitcoin to achieve in only 1 year from now so I'd go for a safer choice: $100k by the middle-end of 2020. In the long term if nothing major happens, Bitcoin is bound to reach millions per unit. Adoption is slowly increasing with the retail public as well, not just in the institutions' space.

[red023]

    1. Bitcoin’s Scarcity Will Lead to a Price Surge

Dude ,

The bitcoin scarcity scam is a myth.

They say their are only 21 million bitcoin to be made.

But that is only true if the smallest denomination is 1 bitcoin.

It is not , the current smallest denomination is .00000001 ,

which means the bitcoin supply is not 21000000 as they told you,

the actual bitcoin supply is 2100000000000000, comes out to 2.1 QUADRILLION.
Not a limited supply at all.

The real scam is they can inflate the supply by going to the right side of the decimal instead of the left.
* The Scam network LN, already goes to 12 places below zero, so they are even worse.*

FYI:
McAfee is a NutJob.

Well you demonstrated that you have no clue about anything at all. You as well are a nutter for this utter nonsense. BTC Supply is in fact limited, the miners will have to use the same energy for produce less and less coins. If I remember correctly the time b4 the absolute max supply reached is not the post important time because even b4 that the production will be so expensive at some point that the price will go up. You little childish BS "myth because it can be divided" is really the stupidest thing I heard in a long time.

BTC as opposed to any FIAT is actually limited. The Banks can just print and print more and more money and hyper-inflate to completely make money worthless. This can NOT happen with BTC. In FIAT the supply is unlimited because all the money that exists is nothing more then DEPT! Look at the national dept counters of countries, they race up every milliseconds for unthinkable amounts. FIAT is backed by absolutely nothing. Long term BTC will go up, because if the actual factual scarcity it has and because adoption will rise. But it will not be short term and not as extreme as McAffee claims.

[coolcoinz]

Still not enough to prove that kind of huge amount.

C'mon, be real. This aint just a small number considering how strong the US dollar is up to now.
He might be saying this because of the value of USD going down. Yes, that might go to that kind of number if that is the case.
But do you really think that could just happen? They wont let it.

It might not as strong as you think. For the whole year it was losing value to some currencies like the Canadian Dollar. Many people see the recession coming and the signs of it are visible if you look closely. The FED printing like crazy, The US putting pressure on the EU to print as well to keep the balance between USD and EUR...
German banks aren't doing well. Commerzbank was recently trying to sell its branch in Poland but nobody wanted to buy it. I haven't checked if they actually managed to sell it. They are also letting go lot of employees. If they shut down completely it's going to be another bank run and panic that may turn into protests similar to the ones in China and France.

I believe that it would be enough just for the EU to go into recession for Bitcoin to explode.

[cr1776]

    1. Bitcoin’s Scarcity Will Lead to a Price Surge
    2. $2 Trillion+ Institutional Investment Dollars
    3. Bitcoin Halving in May 2020
    4. Governments Holding BTC in Central Bank Reserves
    5. A Global Recession in 2020

https://bitcoinist.com/mcafees-2-million-bitcoin-prediction/

BTC  is at $7500 as I write and it seems we are going to end up in a BEAR market. so to think BTC  price will go from $7500 to $1Mil , some one will need hell lot more strong weed than that of what John Mcafee is smoking!.  

BTC price going to $1k is more realistic than it to be $1Mil in just 1 year time!  

You sound like the people in July 2010 who were saying it was worthless and would never hit $1, and then 6 months later saying it would drop under $1 and never come back.  The FUD was wrong then and is now.

Will it go that high?  No one knows, but placing bets against it has been a losing proposition for more than a decade. 

Halvings have led to orders of magnitude growth in fiat price each time so far. Much decreased new supply (halved), increased demand follows the supply-demand curve.

[Kyraishi]

    1. Bitcoin’s Scarcity Will Lead to a Price Surge

Dude ,

The bitcoin scarcity scam is a myth.

They say their are only 21 million bitcoin to be made.

But that is only true if the smallest denomination is 1 bitcoin.

It is not , the current smallest denomination is .00000001 ,

which means the bitcoin supply is not 21000000 as they told you,

the actual bitcoin supply is 2100000000000000, comes out to 2.1 QUADRILLION.
Not a limited supply at all.

The real scam is they can inflate the supply by going to the right side of the decimal instead of the left.
* The Scam network LN, already goes to 12 places below zero, so they are even worse.*

FYI:
McAfee is a NutJob.

It depends, if you're going off the lowest denomination (satoshis), it's a bit flawed since people don't calculate things via the lowest cent, and with transaction fees being a thing with bitcoin, sending a single satoshi or 2 is impossible to do with how much fees there are for even small transactions.

Honestly, it's looking very dire for crypto-currencies in the future and with there being such a huge focus placed on stablecoins over bitcoin, I don't think we are going to see a lot of adoption in the future and not a lot of growth.

[kryptokant]

Recession is no reason.
A normal deflationary one will put all assets down more more less, especially the speculativ ones, especially what went up high before.

[CryptoBry]

If the global recession really happens in 2020, we might have more countries glance at bitcoin, but holding BTC like Venezuela requires parliamentary approval depend on the situation of the country obviously. Because the volatility of bitcoin unavoidable, the price could rise and fall in a relatively short time, in the last 24 hours bitcoin drop 9% from $8025 to$7293 as the bottom.

Bitcoin can never be the currency that can perfectly fit with all the countries in the world, hence it can never be the global currency that many are dreaming for it to become. There are so many insurmountable challenges that can take decades to topple, and that is if there is really an influential organization working and promoting for Bitcoin. Time is coming when people's interest with Bitcoin will drastically wane and that can be the crossroad for this cryptocurrency either it will continue its path to global dominance or will just be like a withering flower in the side of the road. Which future Bitcoin can take depends a lot on many factors happening today.  I am still optimistic with Bitcoin but I also understand the market realities have to be factored in.

I am always amazed when people like John McAfee opened their big mouths and make outrageous, outlandish and laughable predictions on Bitcoin, with a threat that they will be doing something unbelievable if their predictions will not happen. However, please don't get me wrong, I would be one of the many first people to commend John in case the $2 million prophecy will one day be a big reality. I am just waiting for it, Johnny boy.

[ChrisPop]

This is a ridiculous prediction thought by John Mcafe. I don't believe him because he said bitcoin would be $ 2 million in a year, in my personal opinion, that's impossible because we know the price of bitcoin now, with an average price of only $ 1k or more why does john Mcafe dare say bitcoin will have a price $ 2 million by 2020.

It is all about economic and mathematical laws. Supply and demand my friend.. Here is a statistic for you: there are over 36M millionaires in this world and Bitcoin only has 21M limited supply with 3-4M already considered lost. You remain with ~ 17M BTC supply that needs to be shared between these millionaires which we assume want to purchase at least 1 BTC. Now.. think about this.. where do you put the companies, the governments which maybe want to create reserves denominated in this cryptocurrency? I believe this coin has enough potential to achieve even $5-10M per unit in time - you can call me crazy but that's the truth.