Noticed this on crypto reddit today and just had to laugh a little bit. Goes to show that you shouldn't make predictions about crypto prices no matter how sure you are as these markets are completely unpredictable.
Yes, some of you were right and knew where this was heading, some of you learned about Bitcoin early and saw what it stood for, where the innovation was and why something like it was needed and many of you that held onto that belief were rewarded very well over time as long as you held or kept buying and stayed off that daytrading where bots would wreck you 9 times out of 10.
Here's the screenshot:
I mean in a way he's right, Bitcoin is Bitcoin, compare it to gold or the first popular websites on the internet or whatever but the important thing is that it was first, it's open-source and it can evolve and it is one of the most secure networks in the world right now. I don't want to get too much into how centralized the mining pools are and that most hashrate resides in China and what that could mean for the attack vector, I'm also not going to get into its development in the past or should I say lack there of but it is still the OG and will remain that way for a long time.
Many have been predicting the flippening, whether it being Ethereum that would surpass it (if anyone any time soon it'll be this one in my opinion) or Bitcoin Cash (myeh, doubt it cause if there's going to be something else suprassing it it will be something of far greater technology and toolset). Bitcoin has great marketing and exists on most exchanges, even if some people want to buy altcoin x they'll usually have to go through Bitcoin first.
There will come a time though when the technology and cost of use will feel like it's not worth it for the every day users and with further adoption and usecases of other coins they'll be moving away from Bitcoin and leaving it for the important transactions of the world.
So was McAfee an idiot for saying it's going to go to $1M before 2020 is over? Eh, people say a lot of things, if you look at it marketing wise or name fame wise that promise he made made brought him way more attention than if he hadn't. Before that he was just the crazy livestyle guy who created that shitty antivirus everyone hates but once he stepped into the crypto-game he was making hundred of thousands of dollars per tweet talking about a random shitcoin to make money off of it. One could say he's the Trump of crypto in a way.
According to this graph that shows the current price and where it needs to go for him not to eat his own dick on national TV, I'd say it's still not impossible considering the movements Bitcoin can have if things go its way. Not saying it will hit $1M and I doubt that will be anytime soon (maybe by 2022 in that case), but nothing is impossible in this space.
So my advice would be to stop listening to random "celebrities" or "influencers" or whatever they like to call themselves making predictions about coins and their prices. You never know in this day and age who's getting paid to do what and who isn't. I know you're gonna say "well ehm, as an american they have to let their readers know it's paid promotion according to the FTC" but let me remind you how many anonymous coins and chat systems there are in existence right now and how impossible it is to track them.
So do your own research or listen to those who've put money where their mouths are when they are talking about something like this. On that note, I'll be starting my trading and investing post series soon so check it out if you're interested. We'll either make some decent profit together or you'll hold a grudge and downvote me for a while cause I made us both lose some money. ;P