Article By Jeremy Wall
John McAfee, the eccentric cryptocurrency guru and former cybersecurity entrepreneur, stands by his $1 million Bitcoin (BTC) price prediction by 2020. In a recent interview with Cointelegraph, McAfee discussed the current state of crypto and reiterated that his famous price prediction of a $1 million Bitcoin is conservative.
Despite the price of Bitcoin being 72% under the infamous “McAfee Dick Line,” McAfee remains calm and optimistic about his prediction.
During the Cointelegraph interview, McAfee was asked how he makes a prediction for the future value of Bitcoin.
It’s very simple, I’m a mathematician. As you run the numbers, the number of people using Bitcoin and the number of transactions, it’s escalating tremendously. That’s the true value… The true value is going to eventually be based upon usage and if you track the usage curve, a million dollars by the end of 2020 is conservative.
The Fall of Fiat Currencies
During the interview, McAfee also touched on his thoughts of the current financial system and how it is largely controlled by centralized bodies and institutions. He believes this system has worked for some in the past, but for many today, the current system which allows for the inflation or deflation of currencies means “we’re not free.”
In the interview, McAfee said:
As more and more people use cryptocurrencies, they flee fiat cryptocurrencies, which devalues them. Fiat currencies will be on their last legs in 5 years.
As McAfee believes the value of fiat currencies will become increasingly devalued, the real value of $1 million could be drastically different than it is today, which adds a bit of skepticism to his prediction.
McAfee Intends to Use the U.S. Presidency Race to Promote Crypto
Although McAfee’s comments on his $1 million Bitcoin price prediction was a hot topic during the interview, he had more interesting things to say, specifically regarding his plan to run for the U.S. presidency in 2020.
McAfee previously ran for president in 2016 on the libertarian platform, which gave him the opportunity to say what he wanted to say on the national stage and talk about lapses in cyber security.
This time however, he wants to use the national stage to “talk about personal freedom and how cryptocurrency can help us achieve that.”
He then elaborated, stating that his intention is not to become President of the United States, but rather to inform the public at large about decentralized cryptocurrencies. In response to a question of whether he would use the stage to talk about cryptocurrencies, McAfee stated, “That’s all I’m going to talk about. See, I don’t want to be president. I couldn’t be… no one’s going to elect me president, please God. However, I’ve got the right to run.”