In a recent interview with Coin Telegraph, John McAfee covered several aspects of cryptocurrencies and what Bitcoin’s price might look like in 2020. As an investor, McAfee was supposedly introduced to the giant back in 2011 due to peer pressure. Upon reading Satoshi’s Whitepaper, he realized the power that exists within it and has since been promoting it on any platform he was given.
To him, cryptocurrencies can go two ways: the direction of totalitarianism or personal freedom. When asked how we would get a totalitarian system, he responded, “If we as a community buy into the government’s demands that they control crypto, or they make their own and insist that it is the one they use,” then we are in an uncomfortable and controlled situation. He supposedly fears this because of the fact that society is so used to listening to the government, which could potentially occur when dealing with the crypto sphere.
The most interesting topic, as most investors will be keen to know, is where the crypto industry will be headed. According to McAfee, a permissionless transaction could happen in five years’ time. In particular, he said, “Fiat will be on its last legs […] We’re not using it anymore.” His argument is that as more and more people use cryptocurrencies, they will naturally put fiat currencies on aside, which will result in its value dropping. This also led him to trust that, “Million dollars by the end of 2020 is conservative.”
When asked about the overall bitcoin industry, McAfee argues that, “It’s a cryptocurrency industry, not a bitcoin industry – of which bitcoin is simply a moving part.” He further adds that bitcoin is, “One cog in a very massive wheel.” In the near future, McAfee believes bitcoin might not be the number one player, but rather another or thousands – debating that it all depends on what the people prefer and the features that connect to them.
Are you convinced with what McAfee has to say? Is there any “rationale” behind his million dollars by 2020 statement? Let us know in the comments below.