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John McAfee appears to be the most trustworthy cryptocurrant expert and community enthusiast. The entrepreneur explained that his previous price forecast of $ 1 million for BTC by 2020 is a conservative estimate. He said that during an exclusive conversation with Coinelegraph a few days ago.
McAfee Bullish on Bitcoin
During an interview with CoinTelegraph, John McAfee spoke about cryptocurrencies and the current state of the market. During this year, the prices of Bitcoin and cryptocurrency have dropped between 65% and 95% – and in some cases even more. With the current negative sentiment around virtual currencies, McAfee has given new hopes for the future of space.
The future price of Bitcoin has been asked of the cryptocurrency expert. He said that people should take a look at the growing number of transactions and individuals who use Bitcoin. This shows that the entire network is growing and that the value of Bitcoin is increasing at very high rates.
According to Diar, a recognized newsletter in the encrypted space showed that Bitcoin transactions are growing. During the third quarter, Bitcoin transactions reached a maximum of 2018 years. Moreover, in the last nine months, the authors of the publication write that the transaction counts have grown between 3% and 5% each month.
McAfee has always promoted virtual currencies taking into account the long term. He explained that users should not be worried about the short and medium term. He also said that when people start using multiple virtual currencies, legal currencies devalue even more.
By the way, he said:
"So the real value is going to be based on use, and if we keep track of the usage curve, one million dollars by the end of 2020 is conservative. […] As more and more people use cryptocurrencies, they flee the legal currencies, which devalue them. "
A few days ago, we wrote about UseTheBitcoin that the cryptor investor and billionaire Tim Draper, said that Bitcoin could reach $ 250,000 dollars by 2023. Although its estimates they are not as optimistic as those made by McAfee, they are still very positive.
"My forecast for $ 250,000 by 2022 – maybe 2023 but in that bracket – is absolutely solid, but I'm not so sure how we'll get there," he explained.
At the time of writing, Bitcoin lost 0.36% of its value in the last 24 hours. Nonetheless, it is the largest virtual currency by market capitalization that is worth $ 111.06 billion dollars. Each BTC coin can be purchased for $ 6,393 dollars according to CoinMarketCap.
Carlos is an international relations analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other major cryptocurrency sites; with over 2,000 published articles.
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