John McAfee: "Bitcoin Will Reach $1 Million by 2020"
SEAN MCCLOSKEY, The Daily Reckoning
According to my colleague Ray Blanco,“the biggest blockchain stock explosion of 2018 is set to erupt, unleashing a tsunami of wealth for investors.”
After what I experienced last weekend at the Bitcoin, Ethereum, & Blockchain SuperConference, I couldn’t agree more.
Expert after expert specifically noted that blockchain tech is the equivalent of the internet in 1996.
And we’re now just waiting for the “Netscape moment.”
A way to bring the complexity of blockchain to users in an easy-to-understand format, much like Netscape did for the highly complex system known as the internet.
A moment like that will take blockchain tech to new prominence.
Any company investing heavily in blockchain technology will have the chance to skyrocket in value over the coming months and years, as we watch the tech transform our landscape.
Blockchain tech touches everything! And when it’s adopted into daily life… your world will never be the same.
“We’re at War with the Old World Order”
John McAfee, founder of McAfee cybersecurity and self-proclaimed cryptocurrency lobbyist, notes from the moment he took the stage that there is a targeted smear campaign by the powers that be against crypto.
In essence he says, “we are at war with the Old World Order.”
Given the crackdowns we’ve seen by centralized banks and by many Asian governments it’s hard to argue against his claim.
But are world governments and organizations really that against bitcoin and blockchain?
According to McAfee, they are:
“Governments want you to believe that if they outlaw cryptos they will ceases to exist. But when has that ever happened in reality with a product that’s so popular? Look at pot today. Look at Prohibition in the 20’s. It’s all the same.”
But McAfee is more than just a Libertarian lobby for the space. He’s also an optimist, with more bullish sentiment on crypto than anyone I’ve ever met. When asked where he thinks bitcoin is headed, he without hesitation says:
“Bitcoin will reach $1 million by 2020 and the last one ever mined could be worth trillions. It’s all about work and scarcity. The last bitcoin will need 50,000 high powered PC’s working for weeks, possibly months to mine. This could cost millions to do. What does that mean the value of the last coin will be? It could be worth billions, even trillions.”
The Space Faces an Unending Supply of Legal Battles
Compliance was another major point of discussion.
According to one lawyer speaking on the legal panel, the space currently faces an “unending supply of regulatory issues.”
But this doesn’t mean run for the hills. The crypto space is very new. Discovery is necessary to make sure it grows in a way that benefits all.
And sadly, in the beginning a few “bad actors” can really set the space back.
The SEC and other regulatory bodies want to see utility in tokens. Otherwise it’ll crack down.
Token-to-token exchanges for the sake of token trading are not what the SEC wants to see.
It’s very important to have a post-ICO plan. Otherwise, the “regulators will regulate.”
It’s important, notes one legal panelist, to “ask yourself WWMD – what would Microsoft do? Are you taking all the steps that big company does for an IPO?”
Long story short, some regulation, contrary to McAfee’s strong anti-regulatory stance IS good for the space.
Blockchain is Like the Internet in 1996
The future of blockchain technology will extend well beyond crypto applications and will soon include everything from big data to robotics and artificial intelligence.
It will be the most disruptive technology since the birth of the internet — and a road to huge profits for investors.
Emerging blockchain applications include securities exchanges, voting systems, peer-to-peer insurance, supply chain management, smart contracts, anti-counterfeiting payment and remittance systems and even healthcare.
And that’s just the short list.
Blockchain tech could literally influence everything in your world!
Yes, 85% of these firms will fail.
But a handful will be the Amazons, JPMorgans and Microsofts of the future.
It’s like 1996 with the internet, and we’re just waiting for that “Netscape moment.”