John Mcafee Equates Impending Bitcoin Bull Market To A Volcanic Eruption
Unlike many of his peers, software magnate and cryptocurrency hobbyist, John McAfee, is always vociferous about his ideas, even when they are considered radical. Due to this demeanor, he attracts a sizable following on his Twitter account, where he recently made a strong call regarding the future of bitcoin. John believes that the recent soaring of BTC’s value by over $1,000 is the just beginning of a prolonged upward spiral.
Bitcoin – $1,000 increase in one week. Is this the bull market? I have no clue. 10 such increases in succession and I will consider it Bull. In the meantime, know this: The Bull Market IS coming. And when it does, it will make the eruption of Krakatoa seem like a Meerkat's burp.
— John McAfee (@officialmcafee) July 18, 2018
Precisely, McAfee sarcastically asked if the recent increase in value signifies a bull market. He then went to add on that if such trends persists over the next few weeks, then he would consider it bullish. McAfee concluded by stressing that he is confident that the Bitcoin bull market is imminent. To put his assurance to perspective, John compared the impending growth to a volcanic eruption.
While the sentiments of McAfee are speculative, they cannot be downplayed because he has previously been proven correct. Last year, he rightly predicted that the value of BTC would surpass the $5,000 mark by December. McAfee’s prediction came to pass when the prices nearly hit the $20,000 mark at the end of 2017.
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
Over the years, McAfee has also maintained that fiat currencies will eventually lose out to digital currencies as the conventional monetary system.
Is McAfee Trustworthy?
McAfee is a significantly controversial figure, having been apprehended in the past. Besides he leads an extravagant life and has been accused of levying high fees to advertise ICOs and blockchain projects through his social media accounts. Nonetheless, if put against his traction in the cryptocurrency sector, the considerations mentioned above are negligible. Therefore, his opinion should be taken seriously at all times.
While the figures purported by McAfee are outrageous, there are several other predictions that have suggested equally impractical values. For example, the Winklevoss Twins claims that over the next ten years, the value of BTC could increase by 40 times the current value. Other outspoken BTC advocates such as Roger Ver and Tim Draper are confident that the value will eventually peak at $250,000.