Unwavering Confidence in Bitcoin
John McAfee, a prominent figure in the cryptocurrency world and a programmer with a knack for crazy claims, isn’t shy about his predictions for Bitcoin’s future. During a recent interview with Forbes, McAfee confidently asserted, “I said $1 million and I’m sticking to one.” This bold claim comes after he raised the stakes even higher from his original prediction of $500,000.
The Scarcity Factor
What’s fueling McAfee’s bullish attitude? A little thing called scarcity. With only 21 million Bitcoins set to exist, and a significant number already lost to time and digital mishaps, McAfee argues that this limited supply is a recipe for soaring prices. He quips, “Let’s get real, there are only 21 million bitcoins, seven million of which have been lost forever, and then, if Satoshi is dead, add a few more million.” Talk about adding a sprinkle of drama to an economic principle!
Current Mining Stats
As of August 1, 17,850,000 bitcoins had already been mined, meaning that around 85% of the total supply is circulating. Fast forward, and that number has slightly increased to about 17,968,000, leaving merely 3.15 million coins left to mine over the next 120 years. Just a casual reminder that you might want to snag your slice of Bitcoin pie… like, yesterday.
The Rollercoaster Ride of Bitcoin
Despite the excitement surrounding Bitcoin, it’s been a bumpy ride. Last week, the cryptocurrency took a hit, losing $1,500 in mere hours and dipping below $7,800. As of now, Bitcoin is hovering around $8,268—a slight drop of 1.1% in the last 24 hours. But it’s not all doom and gloom; compared to this time last year, Bitcoin is still riding high with a 27% increase from $6,500.
Bitcoin: A Store of Value or Just Hype?
McAfee also sheds light on his perspective regarding Bitcoin’s functionality, suggesting that it’s primarily a store of value. In his view, digital assets such as stablecoins and privacy coins are far better suited for transactional purposes. This raises interesting questions about the long-term utility of Bitcoin in an ever-evolving financial landscape.
Meanwhile, a report from major German bank BayernLB has also made waves, predicting Bitcoin could hit $90,000 in 2020, spurred by the impending halving. Looks like the future of Bitcoin is as unpredictable as a cat on a hot tin roof!
