|Sep 13, 2018 12:38 PM||By: John Patrick Mullin | 4394 Views|
John McAfee continues true to his vision of Bitcoin (BTC) as the number 1 cryptocurrency in the ecosystem, opposing opinions that reject its nature as a peer-to-peer electronic cash system. So he stated in discussions with the AMBCrypto team through the CoinsBank Blockchain Cruise.
Mr. McAfee is one of the most important characters in the cryptocurrency community, his vast knowledge of the ecosystem, as well as his outspoken personality, make his ideas to be highly respected despite being controversial in some cases. The possibility of establishing each of his thoughts with facts has made him a source for many crypto adopters.
“Run The Numbers”
John McAfee stated that from a mathematical point of view, the value of Bitcoin should be approaching a million dollars by 2020. The relationship between the number of bitcoins drilled and the mining problem allows this result to be reached, especially when the next block halving is threatening. This means that in a short time the number of bitcoins that are put into the flow for each new block mined will be decreased by half, going from 12.5 BTC per block to 6.25:
“Why don’t we look at the last Bitcoin? We have thousands of people to mine one coin. What is that coin proceeding to be worth? Maybe billions. Mathematics doesn’t lie. Say what you want, mathematics doesn’t lie. If it’s not a million dollars in 2020, it has to be. The end of 2020, December. That’s my forecast; I’m going to stand by it…it is the number 1 coin for processing transactions. Run the numbers.”
This chart shows what occurs when there is a cut in supply. If the demand for Bitcoins is the same, but the amount is reduced (the amount goes from O1 to O2), then the standard balance price “P1” moves up to “P2” (Bitcoin gets more expensive)
John McAfee: HODL “There Is No Such Thing As a Wealthy Short-Term Investor.”
For Mr. McAfee, the crypto-mining business is highly lucrative. According to his logic, the directly proportional relationship between Bitcoin value and its mining difficulty guarantees that a maintained profitability level is always met for miners.
“ No matter what the price of Bitcoin, you cannot lose money by mining Bitcoin. Let’s say the price drops to $2000, everybody gets out, and the difficulty rate drops to zero, and you’re cranking out millions of coins per day.”
John McAfee is also now approved as a spokesman for the cryptocurrencies discussion of the Malta Blockchain Summit 2018. an event that will be checked at the “Blockchain Island” on November 1-2
Ultimately, he closed with advice for those known as “weak hands.”
“Stay true, stay the course, and hold. There is no such thing as a wealthy short-term investor.”