John McAfee undeterred by crashing market, says Bitcoin will touch $1 mn by 2020 20920
News
Vidwan Reddy
Aug 18, 2018 at 10:30 PM

Cryptocurrency price has been going downhill over the past few months but John McAfee is undeterred by it. He, like many other crypto enthusiasts, is confident that the market will break record levels of 2017.

The market scenario has been bleak enough to make even bullish players feel uncertain but the cybersecurity expert still holds on to his bet that Bitcoin [BTC] will be valued at $1 million by 2020, according to a Newsweek report. In fact, he said he would eat his own pe**s if it doesn't happen.

McAfee said, "I absolutely stand by the million-dollar prediction. It is still two and a half years away, in which two things will happen: bitcoin will continue to grow, and the U.S. dollar and other fiat currencies will devalue.”

See also: US SEC clamps down on cryptocurrency airdrops and bounty campaigns

McAfee is not alone in being so radically optimistic about the fintech market. Danial Daychopan, CEO of Plutus, a bitcoin platform, told Newsweek: “The overall trend in the value of bitcoin is still heading north,” Danial Daychopan, CEO of a bitcoin platform called Plutus, told the media firm.

“Bitcoin is a good unit of account, and unlike gold, it’s the perfect unit of exchange. This is a fundamental fact. We're going to see overall growth of the bitcoin price by the end of the year: I predict the value of bitcoin may reach £30,000, the year after £50,000," Daychopan added.

See also: Cryptocurrency scams on the rise, warns UK’s financial regulator FCA

When investment into cryptocurrency swelled in 2017, and Bitcoin's value skyrocketed, many experts called it a bubble. However, bullish players didn't give a hoot.

“Cryptocurrencies have gone through many 'bubbles' already in their short life cycle,” said Liina Laas-Billson, who has worked in the fintech field for half a decade.

“The previous bitcoin boom resulted in the price crashing 80 percent from an all-time high of over $1000 per bitcoin. It took three years to climb back up to the previous price rate,” she said.

Will you place your bets on John McAfee's prediction or be drowned in FUD?

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