McAfee Reaffirmed That Bitcoin is Just an Exchange

By Steven Anderson October 1, 2019 0

McAfee continues to propagate the idea of the $1 million in Bitcoin, and he has his rationale to support his view.

John McAfee’s predication is very bold, and his reasoning for this prediction is based on the total supply of the tokens.

McAfee previously stated in an interview, “Let’s get real, there are only 21 million bitcoins,” he further added, “Seven million of which have been lost forever, and then, if Satoshi “bitcoin’s anonymous creator” is dead, add a few more million.”

It was an excellent year for Bitcoin; however, it is currently trading at $8,130, which is a long way away from what McAfee has to say.  The most exorbitant price for Bitcoin was at $20,000 from just $1,000.

Even if Bitcoin contributed to 5% of the global financial transactions, it would be worth $10 million per coin considering those numbers.

McAfee further reinstated by making a statement that he was very conservative and that he would stick on to his prediction.

The prediction comes from a brain that has been programming the leading antivirus software solution in the world. Currently, he is involved in several other endeavours ranging from campaigning for the presidential bid on behalf of the Libertarian’s for the 2020 elections.

McAfee reaffirmed that Bitcoin is just an exchange. He had previously stated, “I think bitcoin represents simply a store of value,” further adding “It is surpassed in every respect technologically and functionally,” he clarified that “Ethereum’s got smart contracts […] I mean, bitcoin is just an exchange.”

He has as well explored the privacy aspects of Bitcoin and stated that privacy coins would be the winner, in the end, providing for the needs of human nature.

According to McAfee, stable coins pegged to the value of national currencies are not an investment.  The purpose of stable coins is to achieve resilience despite fluctuation in price. These coins are ideal for those who are not comfortable in seeing a change in the value of the transaction after one transaction has been initiated.  These coins are useful to those who might not have a bank account and have trouble using bank accounts.

The legendary programmer predicts that there might be vast ranges of functional coins, making it to the market with each of them having an individual use case.  He stated that he would not be surprised if there will be a shoelace coin at one point in time.