In an exclusive interview with AMBCrypto during the CoinsBank Blockchain Cruise, John McAfee, a well-known programmer and the founder of McAfee Associates, spoke about the economics of bitcoin and its use in processing payments, saying that bitcoin is ‘the number one coin for processing payments.’
McAfee’s bitcoin price prediction
The computer programmer and businessman said that bitcoin would be worth a million dollars by the end of 2020, and that the bitcoin is ‘the number one coin for processing payments.’ He noted:
Why don’t we look at the last bitcoin? We have thousands of people to mine one coin. What is that coin going to be worth? Maybe billions. Mathematics doesn’t lie. Say what you want, mathematics doesn’t lie. If it’s not a million dollars in 2020, it has to be. The end of 2020, December. That’s my prediction, I’m going to stand by it…it is the number 1 coin for processing transactions. Run the numbers.
The current price levels
John McAfee also aired his thoughts on what’s happening to the price of bitcoin, saying that he believes whatever we are experiencing now is due to market manipulation, citing the drop of BTC from £5674 ($7400) – £4907 ($6400) in just 3 days. He elaborated on the subject saying that:
You can only manipulate something if you have the power to do so. Now if that thing becomes more valuable your power decreases, and the inherent value is many times the current price of bitcoin. It just comes through always in every market situation. The people that are manipulating it, they are going to lose billions of dollars and then it’s going to be over.
McAfee on the profitability of bitcoin mining
Speaking in regards to cryptocurrency mining, McAfee aired his thoughts from the experience he had got working with MGT Capital, a cryptocurrency mining company. He said that:
I was one of the world’s largest miners when I was with MGT…we did it because it was profitable. No matter what the price of bitcoin, you cannot lose money by mining bitcoin. Let’s say the price drops to $2000, everybody gets out and the difficulty rate drops to zero and you’re cranking out millions of coins per day.
Bitcoin is in an ‘infant state’
McAfee was also quick to note that the bitcoin market is still in its infancy. He explained:
It’s a fire raging in the forest, and you’re outside the forest and you’re in your house and you’re leaning back but it’s going to break out of the forest and it’s going to be in the world and we’ll have to deal with it. And keep in mind that as cryptocurrency increase, fiat currencies will inflate.