In an exclusive interview conducted by AMBCrypto on the CoinsBank Blockchain cruise, John McAfee spoke about his opinion on the use of Bitcoin for payment processing, on the economy of money and on as is the state of the mining current.
In regards to encryption, McAfee's experience in the mining industry was when it was with MGT Capital. His thoughts on mining encryption reflect his work experience there:
"I was one of the biggest miners in the world when I was with MGT … we did it because it was profitable – no matter what the price of Bitcoin , you can not lose money by extracting Bitcoin, let's say the price drops to $ 2000, everyone goes out and the difficulty rate drops to zero and you're churning out millions of coins a day. "
While I was doing the extraction with MGT, McAfee also talked about the mining variables that affect output such as, temperature, hashrate, mining difficulties and electricity consumption:
"As a major miner I can see the actual growth and use of Bitcoin Two weeks ago I made a transaction with Bitcoin and it took me 18 hours, if you have an item, an entity, any product in that application and you tell me that the price will decrease, no it is not. " Like the difficulty in extracting B itcoin steadily increases, Bitcoin's output to solve the problem the block must be cut in half at only 6.25 BTC. McAfee has nothing to say, stating:
"Why do not we look at the last Bitcoin? We have thousands of people to take out a coin How much is that coin worth? Maybe billions … Mathematics does not lie. Mathematics does not mind If it is not a million dollars in 2020, it must be … The end of 2020, December This is my prediction, I will endure it … it is the number 1 coin for the processing of transactions. Run the numbers. "
AMBCrypto also spoke with McAfee about the unstable price of Bitcoin, making traceability and prediction confusing for analysts. McAfee credits this unstable price to market manipulation:
"You can manipulate something only if you have the power to do it Now if that thing becomes more precious your power decreases, and the intrinsic value is many times the current price of Bitcoin. It always comes in every market situation, the people who are manipulating it will lose billions of dollars and then they will end. "
At the end of the interview, AMBCrypto asked McAfee about its market vision. McAfee known to be confident about Bitcoin in the past, says the Bitcoin market is in a "childish state", but will soon become a "wildfire in the forest":
"It's a raging fire in the forest, and you're out from the forest and you're in your house and you're leaning back but it's going out of the forest and it will be in the world and we'll have to face it, and remember that with increasing cryptocurrency, the legal currencies will swell. " Follow Chepicap now on Twitter and Telegram!