The True Value Of Bitcoin (BTC) Is Escalating Tremendously
John McAfee, a well-known tech-centric entrepreneur turned crypto diehard, recently sat down with CoinTelegraph in an exclusive interview to discuss his views on the current state of crypto. Interestingly, even as prices stagnate and remain 72% under the infamously funny “McAfee Dick Line,” the eccentric crypto savant has maintained his thought process that Bitcoin (BTC) will somehow surpass $1 million during 2020, a mere ~18 months away.
Late into the interview, the Cointelegraph interviewer posed a tough question — asking McAfee how he makes a prediction for the future value of BTC.
Seeming prepared to answer such a question, McAfee noted that it’s “simple,” touching on the fact that the growing number of transactions and individuals using the Bitcoin Network indicate that the true value of BTC is “escalating tremendously.”
Just a few days ago, Ethereum World News, reported that Diar, one of the crypto industry’s leading newsletter publications, noted that the number of on-chain BTC transactions throughout Q3 has breached a quarterly year-to-date high, ousting Q1 by a relatively mere 70,000 transactions. Diar’s authors also revealed that BTC transaction counts have been increasing month-over-month by approximately 3-5% for the past nine, making McAfee’s claims all the more valid.
McAfee, the creator of the cybersecurity giant that shares his name, then added that investors shouldn’t be fazed by the crypto market’s short-term downtrend, as he pointed out that “artificial pressures” have only created a “temporary” issue for crypto assets.
And as such, taking a forward-thinking approach, McAfee stated that if “you track the usage curve [of Bitcoin],” $1 million per BTC by 2020 (his original prediction) is conservative, adding that eventually, BTC will be valued by its usage, not by speculative factors and investors.
However, McAfee, bringing a fleeting sense of skepticism to his prediction, briefly noted that the real value of $1 million could be drastically different than today due to the hyperinflation of fiat or other overarching fiscal qualms.
“Fiat Is On Its Last Legs”
Staying in line with his inflammatory views, which some see as anarcho-capitalistic, McAfee spoke on the importance of cryptocurrencies and blockchain technologies in general.
He explained that as it stands, the financial system at large is controlled by centralized bodies and institutions, like the government, the FED, and, in short, the powers that be. Although this system has worked in the eyes of some, for many today, the ability of centralized authorities to inflate or deflate fiat circulation or to increase interest rates means that “we’re not free.”
And as such, with the arrival of promising cryptocurrency networks, the British-American technology business wiz added that in five years time, “you will begin to see the collapse of fiat,” meaning that the world’s financial ecosystem may only use it fleetingly in the future.
Title Image Courtesy of Andre Francois via Unsplash
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Author: Nick Chong