What’s the Future of Bitcoin? McAfee Says “$1 Million Each”
Ambitious statements about bitcoin are always floating in the space of Crypto, but John McAfee’s perspective about it wins the boldest prize in stating that by 2020, $1 million per a bitcoin in a modest projection, although Mr. McAfee is not one for subtly.
As one of the creators of the famous antivirus in the eighties, McAfee is no stranger to the cryptocurrency space. As famous as his antivirus is, John is perhaps more well known for his bizarre and daring statements; one example is him promising to chew his own anatomy if his bitcoin premonition didn’t come true.
With a little economics and math, let’s get into future supply and demand of bitcoin. We realize the world inhabitants numnber almost seven billion and the amount of coins that will ever exist will be only twenty-one million bitcoin, and in the case of bitcoin joining the mainstream currencies, only twenty-one million person will be able to own one coin which invites the economical part, the scarce supply, and incredibly high demand.
With the public’s total ignorance, institutions already have a leg-up by hoarding bitcoin at its current prices and taking every chance when the prices temporarily hit the ground to even get more bitcoin.
One of the partners of Civic, Lingham exclaims that savvy investors mainly rely on over the counter trading which happens behind the curtains of exchanges to keep the asset price stable and steer clear from the concept of slippage which is buying a large quantity with a higher price because there aren’t enough sellers at the listed price. All institutions are taking the scarcity factor into consideration.
For instance, the price of bitcoin will rise to $200,000 for share at VanEck-SolidX bitcoin ETF which subsequently means more and more purchases of them and less and less retail supply. Also, starting the 4th of October this year, Coinbase has more than twenty-five million users, not enough bitcoins for all users to have one whole bitcoin.
Where are the Alts?
Why is bitcoin Marylin Monroe in the Hollywood of altcoins?
Bitcoin’s fees reached up to fifty dollars for one transaction during the bull market, but bear or bull, bitcoin’s liquid and lighting networks have inspired many scaling conversations as they offer solutions that translate into more transactions and traffic.
Market giants like Cliff High, the father of Web Bot and Tone Vays agree in different terms that bitcoin is the heart of all the latest and future innovation that is happening and Cliff stresses the emotional association people have to bitcoin, to them, High says, bitcoin is final and established, it’s bulletproof.
No one knows how the stars and markets will align themselves in the future, everything will be revealed in due time, but in the present, the bear market is strongly rooting for bitcoin.