After the poor first quarter performance of Bitcoin [BTC], analysts say many “weak” hands have left the market and only the ones truly interested in the technology and believe in the future of this revolution remain. John McAfee had earlier said that he will eat his di*k if Bitcoin didn’t hit $1 Million by December 2020.
After the dismal performance of crypto, 3 days ago the market gave a glimpse of what Bitcoin was capable of when it shot up by $1000 in a span of 30 minutes and started trading at $8000.
John McAfee, founded McAfee Associates from which he later resigned. He is the most prominent ambassador for the cryptocurrency world, with his Twitter bio stating – “Urging true believers to stand firm against the onslaught of banks and governments”
He in his tweet yesterday talks about the possibility of devaluation of current fiat currencies like USD, EUR, JPY, INR, etc. He says,
“….No one who understands crypto doubts that the U.S. dollar will have zero value in 10 years. Why then not accept a 500% devaluation in 2 and a half years?”
Although there were a lot of Twiterratis questioning his “math skills”, the majority of the community understood and stand by what Bitcoin’s future is going to look like.
A Twitterati, with the handle, CRYPTO 99 says,
“Just to let you know John, you can’t have a 500% devaluation. I think you mean 50%, since anything over a 100% devaluation would put you in the negative. Math is hard.”
Zachary Jahnigen, Director of Sales at a company agrees with John and says,
“This is the exact reason why I’m buffering my crypto with physical gold and silver. Fiat will be (and in a way already is) worthless. Crypto, precious metals and land all the way!”
Over the past three days, post-Bitcoin’s dramatic rise by $1000, there have been experts who have predicted Bitcoin to be at least 10x the value it currently is at. Tim Draper, an American venture capital investor recently said that Bitcoin could be $250,000 by 2022. CNBC’s Brian Kelly later acknowledged that Tim’s prediction was possible. Fundstrat’s Tom Lee had earlier predicted that by the end of this year Bitcoin could touch $25,000.
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