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John McAfee stands by his Bitcoin [BTC] prediction for 2020 – says Fiat will devalue!

Kajal Bangera

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John McAfee still stands by his December 2020 Bitcoin prediction
Source: Flickr, Gage Skidmore | John McAfee at the 2016 Politicon in California

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's recent tweet and still standing by his December 2020 Bitcoin prediction

John McAfee’s recent tweet and still standing by his December 2020 Bitcoin prediction

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.

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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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Kajal Bangera is a part of the Editorial team from March 2018 at AMBCrypto. With a background in Journalism, she has been writing and researching about Blockchain technology and cryptocurrencies for a year. She has not held any value in Bitcoin or other currencies.

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2 Comments

2 Comments

  1. goldtoday

    April 15, 2018 at 9:06 AM

    i hope he does not hurt his back bending over.

  2. Anti-Mcafee

    April 15, 2018 at 1:45 PM

    mcafee has his cult disciples that hang off every word he says. finds cheap cryptos to buy into, then tells his lemmings that crypto will be the best thing since the last one, his lemmings buy in to pump up the value before he cashes out and makes his money. has himself the perfect scam.
    claiming fiat will devalue as crypto goes up is ridiculous. crypto is bought with fiat. you have have to ask why the people generating these coins are accepting fiat if it is going to devalue or be replaced, as it would have no value for them. crypto has it’s place and is growing, but mcafee has his own little rort going on to cash in on klingons that can’t think for themselves.

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Bitcoin

‘Bitcoin [BTC] to hit $250,000 in four years’ – Says early internet investor Tim Draper

Ketaki Dixit

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'Bitcoin to Hit $250,000 in Four Years' - says early internet investor Tim Draper
Source: Public Domain Pictures

Tim Draper, the Founder of leading venture capital firms Draper Associates and DFJ, predicted in a recent debate that Bitcoin [BTC] could be worth $250,000 within four years.

He had earlier stated:

“In five years you are going to try to go buy coffee with fiat currency and they are going to laugh at you because you’re not using crypto.”

Draper also believes that there will be a point when people will no longer want fiat currency.

At an Intelligence Squared U.S. debate presented in partnership with Manhattan Institute’s Adam Smith Society, the early investor in Tesla, Hotmail, and Skype said that Bitcoin will be bigger than all his early investments combined.

He said:

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“This is bigger than the internet. It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution. This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”

In a U.S. Marshals Service auction in 2014, Draper bought nearly 30,000 Bitcoin tokens and is still holding them, according to CNBC.

Gillian Tett, the Managing Editor Financial Times was the opposition in the debate. He discussed the risks involved in Bitcoin investment and how volatile it is. However, Draper responded saying that he was more secure in Bitcoin than in the money in Wells Fargo.

Patrick Byrne, the CEO of Overstock.com was in favor of bitcoin. He said:

“This has been hacked at more than anything in history and has never been defeated. Last I checked, banks get hacked too. And yeah, Bitcoin is used by unsavory characters. Last I checked, they used U.S. dollars too.”

In December 2017, Byrne had considered selling his business to fund his new blockchain venture and is now working on reorganizing it.

Jayden, a market enthusiast tweeted:

“I mean I’m optimistic about crypto but this guy actually thinks Bitcoin will take over physical / tangible money. It won’t.”

A crypto enthusiast replied:

“Why not? Everything is digital now so a digital transfer of wealth seems pretty reasonable and where we’re headed, it’s just hard to grasp because we have grown our whole lives with physical money.”

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Bitcoin

Finland’s tax department – 30 Million Euros in the hole as thousands of Bitcoin [BTC] traders owe taxes

Aman Swami

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Finland's tax department 30 Million Euros in the hole as thousands of Bitcoin[BTC] traders owe taxes
Source: Pixabay

Finland’s government has revealed the number of taxpayers who owe taxes from Bitcoin-related income. The country’s Tax Administration claims to have different ways to combine information and identify people who owe taxes from crypto profits, which are now well over ten times higher than last year.

A lot of Finns have not reported income to the country’s tax department from the sale of cryptocurrencies in previous years, Kauppalehti newspaper reported last week. This year, the profits made by Finns from cryptocurrencies were well over ten times higher than last year, the news outlet added.

Senior Adviser from the Tax Administration’s Corporate Taxation Unit, Timo Puiro, says:

“Most of the people have previously failed to report their bitcoin-related income, which we have found when we compare the information we collect to the tax information reported…The Tax Administration has extensive access to information, for example, to payment information, and we have different ways to combine information and identify people.”

Metropolitan.fi reported, that the tax office has been given generous access to bank transfers and other data, which enables identifying people. By looking at the transfer records it is evident that in the past most citizens have not reported profits made with virtual currencies.

Finland’s cold weather and low-cost nuclear-based power is no stranger to Bitcoin mining. Both Bitfury and the now-defunct Kncminer have operated mining farms in the country. Today many smaller miners are still in business there. Other well-established crypto businesses are also located in the country, such as Localbitcoins and leading Nordic Bitcoin broker, Prasos.

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This is not the first time Puiro spoke about identifying undeclared income by Finns. In December of last year, he said the government had been analyzing Bitcoin wallets for this purpose.

Puiro added:

“We have analyzed more than 10,000 bitcoin wallets over several years, and in more than 500 cases we have found undeclared income which is taxable,” he emphasized at the time, adding that “Finland’s tax authority has identified bitcoin as one of the ‘high-risk focus areas’ and is prepared to redirect resources to ensure nothing falls through the gaps,”

While only 500 people were identified in December, Kauppalehti quoted the Tax Administration Office revealing last week that 3,300 people have now been identified as owing taxes from crypto-related transactions, adding:

“The aggregate capital gain of the 3,300 persons identified will be about 100 million euros, so the taxpayers’ share of the pot would be around 30 million euros.”

Metropolitan.fi reported that Bitcoin gains are taxed as capital income in Finland. They are treated the same way as dividends, rent or other similar income. The capital income tax percentage in Finland is 30% (in 2018) for sums under 30,000 euro.

Puiro, in the last week, was seen saying, that he hopes those who have made a profit on cryptocurrencies will voluntarily declare the income to the tax authority. He emphasized that if taxpayers fail to report income related to cryptocurrencies, the criterion of criminal tax evasion may be fulfilled.

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