John McAfee is an American and founder of Security software McAfee Antivirus using worldwide; is an interesting man, extremely optimistic about Bitcoin and future of other crypto currencies.
According to John McAfee: "There all kinds of ways to do it. The most common way is to take number of users of Bitcoin... because as Bitcoin expands its user base, both people who hold the coin and people who accept the coin for payment... It's sky-rocketing... It's not going to disappear. It can't possibly go to zero. It can only grow as the user base grows.
WillDigital currencies replace fiat currencies?
If I have a wallet on my phone which is an entire bank... Lending money, sending wires, I don't have to go to the bank. It takes me 10 seconds to do a wire... Do you think that is going to go to zero and we're going to go back to this incredibly dull and bizarre way of using money with banks?
, McAfee was asked if he had come up with the $1 million price target based on a mathematical formula or if he had come up with the figure based on some assumptions about its usage.
He replied: "I looked at it in two way... [First] I looked at the number of users, the user growth... I came up maybe with three and seven million... [Second] I came at it the mining way, which is I believe a lot more valid... The last bitcoin to be mined... It is going to cost four to five billion dollars to mine that last coin and miners are going to do it. The value of that bitcoin has got to be more than the work put in to mine it... So if it cost even one billion dollars, why don't you work backwards from there and find out what the end of 2020 it is going to be? ... $5 million it is probably the thing... So, $1 million is way outside the lower range, so I am very safe... And it is not just Bitcoin... There are 2000 other coins... You cannot stop them. You cannot change them. You cannot control them. Accept them and try to fix your life to get in line with reality... In the 1930s we made it a law that you couldn't drink alcohol. We consumed more alcohol per capita during that period than any period in American history..." What all need is mass adoption by communities and use it alternative to banks.