John McAfee has dismissed his previous prediction of Bitcoin, telling people to wake up to the reality.
Bitcoin Reaching $1M is Nonsense
British-American entrepreneur John McAfee has come out to dismiss his earlier prediction of the Bitcoin price reaching the $1 million mark. According to the eccentric cryptocurrency advocate, the thought of the BTC price reaching $1 million is nonsense, adding that people are absurd for believing in his prediction and should, therefore, wake up.
He tweeted that to look at it in a different way, if Bitcoin should hit $1million, its market cap would surpass the GDP of the countries in the North American continent combined. The idea seems ridiculous that he believes only an idiot would take his prediction seriously. He added that a whale is more likely to enter the Olympics Stage than for BTC price to reach that target.
In his tweet, McAfee used the entire North American economy as an example to show how ridiculous it is to think of the Bitcoin price reaching a million dollars. He referenced that Bitcoin price reaching that target would see its total market cap surpassed the entire North American continent’s GDP, which he believes is a joke to even think about.
The latest comment from McAfee comes after he stated that he has moved on from Bitcoin. He labeled Bitcoin as the most crippled cryptocurrency technology, and as such, he stated that he would not be involved with it again.
Earlier this year, the tech entrepreneur noted that Bitcoin’s technology is ancient and that his prediction of $1M for BTC was a way to attract and lure more people into the cryptocurrency space.
McAfee recently launched his privacy-focused digital currency dubbed Ghost. According to him, Ghost and another cryptocurrency HEX could successfully lure more people into the cryptocurrency world faster and more efficiently than Bitcoin ever could. McAfee admitted that his privacy-focused cryptocurrency Ghost was basically copy-pasted from another open-source anonymity coin called PIVX. Thus, implying that there is no creativity behind his cryptocurrency, and it is a coin that is only backed by marketing and nothing more.
Bitcoin Price Struggles to Reach $10K
The price of the leading cryptocurrency is struggling to reach the $10,000 mark despite the massive influx of people into the cryptocurrency world. The recent halving event of the BTC mining reward attracted more people into the crypto space as they anticipate a bull run on the price of Bitcoin. Historically, the price of Bitcoin has gone on a massive rally following the halving event. However, the cryptocurrency has been trading between the $8,000 and $9,000 region over the past few weeks.
The cryptocurrency market started the year excellently, but the effects of the coronavirus on the global financial system affected its performance, with Bitcoin struggling to surpass the $10k mark ever since.
The recent halving has seen mining rewards on the BTC network drop from 12.5BTC to 6.25BTC per block. As such, several cryptocurrency mining hardware is no longer profitable, and some miners have shut down operations to stop them from running at a loss.
Despite the performance of Bitcoin at the moment, several cryptocurrency enthusiasts believe that the price could surge higher before the end of the year. As such, more investors are moving their BTC stash to cold storage wallets for safe-keeping as they await the much-anticipated bull run.