Many experts and analysts have been making price predictions, and Bitcoin hasn’t disappointed them in the past few years, showing unbelievable progress year after year. While recently its price has been fluctuating, and has gone below its highest point, it has been rebounding, showing a positive turn of events. Just a few months back, a top dog of the software industry, John McAfee jumped on the BTC bandwagon, boasting about how much potential it has to grow in the coming years.
John McAfee Supports Bitcoin
John McAfee is the creator of the world-renowned anti-virus software, McAfee, who also worked as a programmer for NASA during the 1970s, and is also the founder of McAfee Associates. In the past few months, the cybersecurity pioneer showed his immense interest in BTC and made bold price predictions with confidence that it will hit the half-million mark by 2020.
Back then, it was hard to say what the purpose of McAfee was, going public about his deep interest in BTC. He explained his involvement and sheer interest in the digital currency, saying that it has the potential to become the standard currency of the world, and believes that day isn’t far. Moreover, McAfee has a great advantage of mining cryptocurrencies as he already has a wealth of technical experience in the software industry, and has a good idea of the digital currency space.
MGT Capital Investments
MGT is a NYC based investment firm that has hired McAfee as its CEO. However, the company has pitched itself as a cybersecurity agency to its investors, and is publicly traded over the counter. MGT has already started mining Bitcoin in July, 2016. Now, it has reached the point of mining 90 BTC per month in September, 2016, and it continues to add to the quantity. The expected mining rate in the following months is likely to rise to 225 bitcoins per month, leading to huge profits to support MGT’s operations.
At the beginning when the company started mining bitcoins, the total worth of the mined cryptocurrency was $55,000, but since its value is rising by leaps and bounds, the value has climbed up to $236,000. Going back at the start of this venture, McAfee explained his intention of touting digital currencies, in order to get MGT back on saddle by the end of 2017.
Will McAfee’s Predictions Come True?
Unrealistic statements regarding BTC’s price are not new, and people all around the world are sharing their opinion. McAfee is among the few optimistic people who thinks digital currency will rise and become the norm, as well as dramatically increase in the value in the coming few years. On the other hand, Marc Cuban in early June said that price surge of BTC is just a bubble that will sooner or later will pop. Supporting Cuban’s statement, Panos Mourdoukoutas, Chairperson of LIU Post’s Department of Economics in New York, also predicts that the bubble will eventually burst.
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