McAfee Reaffirms Bitcoin Price Forecast of $1 million By 2020 May 8, 2018 June 15, 2018 Tim Glocks
Analysis NewsMay 8, 2018 by Tim Glocks

McAfee Reaffirms Bitcoin Price Forecast of $1 million By 2020

Well known cryptocurrency and blockchain technology supporter John McAfee has once again reaffirmed his forecast that Bitcoin will reach $1,000,000 by 2020. McAfee made his prediction while having a crypto and privacy related talk with Patrick Bet-David, host of the popular YouTube channel Valuetainment. Other topics discussed were Facebook’s privacy troubles and Mark Zuckerberg’s testimony in the Congress.

McAfee briefly cautioned the US citizens to not trust anyone, including the FBI. During the informal conversation, McAfee was asked whether any of the government agencies contacted him or his business to gather information on individuals or any criminal activity. McAfee answered “smart phones phones are designed to spy on us” and reminded the interviewer that there are better options available.

When the topic of cryptocurrency came up, McAfee told Patrick Bet-David that he still expects Bitcoin to cross $1,000,000 by 2020. He also stated that no law on earth can stop the crypto revolution. Back in December, while appearing at “InfoWars”, McAfee had forecast Bitcoin will reach $78,000 by the end of this year. Strangely, he denied saying so during the interview with Bet-David. Bet-David also asked McAfee’s thoughts about Wolf of Wall Street inspiration Jordan Belfort’s tough stance on crypto.

Belfort had opined that crypto market will crash soon and some investors will lose even 100% of their investment. McAfee responded to the opinion by saying

“I don’t care how smart he is. He’s wrong. He doesn’t understand digital currencies.”

McAfee further stated that government bodies, regulators, and law enforcement agencies simply can’t stop crypto from growing. He pointed out that when laws have failed to stop people from using alcohol or drugs during prohibition, there is no possibility for banks to stop cryptocurrencies from gaining popularily among general public.

McAfee has also stated that banks have a need to slow down the disruptive technology as it directly preys on their inefficiencies. Still, there is no possibility to stop cryptos permanently. As the number of Bitcoin users and cryptocurrency investors, in general, continue to grow exponentially, McAfee believes that Bitcoin will never go to near ‘0’ level as some people have predicted.

AuthorTim Glocks

Tim is a retired professor in economics, this background has enabled him to provide a insight into the cryptomarket. His indepth analysis as well as news on legislations around the world will help you to understand what the state of play is.