Bitcoin and economic freedom
Cryptocurrencies are becoming more important for various reasons. There are many cryptocurrencies, but the most expensive one is the Bitcoin. One of the most famous protagonists of this cryptocurrency is John McAfee. He is advocating for economic freedom and bitcoin plays an important role to accomplish his goal. He thinks that the purpose of digital currency is the return of the control of currency to people.
In 2017 John MacAfee made an unusual statement regarding the price of Bitcoin. He promised to eat his genitals if the price of Bitcoin wouldn’t reach $1 million by the end of 2020. Several weeks ago McAfee reiterated his position that Bitcoin will reach $1 million in 2020. There is a website where people can monitor how many days are left before the deadline.
The future of Bitcoin
In less than 18 months, John McAfee will have to prove whether he will keep the promise he made in 2017. Analysts familiar with this topic also believe that Bitcoin will continue to become more expensive in the future. However, their expectations differ from John McAfee’s ambitious price. Tom Lee is an ex-chief Equity Strategist at JP Morgan. He thinks that the price of BTC will grow in the future. One of the drivers will be the institutional investors as they are willing to invest in this cryptocurrency.
Another analyst Sam Doctor, is also optimistic about the future of Bitcoin. The doctor stated that the decrease in mining costs would reduce the BTC/USD price. At the same time, breakeven cost growth might increase the price of Bitcoin to $36,000 until the end of the year.
The CEO of China’s first exchange BTCC Bobby Leo thinks that the price of Bitcoin will reach $1 million. However, he believes that this will happen in 20 years from now. According to Lee’s predictions, the crypto currency market might reach $7 trillion.
John McAfee is not the only person who believes that Bitcoin is vital for economic freedom. In the modern world, cryptocurrencies such as Bitcoin help people to preserve their right to privacy. Several officials from the U.S. government made comments about the end-to-end encryption. U.S. Attorney General William Barr and FBI director Christopher Wray are among the officials who are skeptical about this technology.
The importance of Bitcoin in the modern world
Governments around the world are trying to control the use of cryptocurrencies. Both messengers and cryptocurrencies are essential to enjoy the right of private life. In both cases, governmental organizations want to control what people are doing with their money and information. U.S. President Donald Trump’s comments on Twitter about the Bitcoin and another cryptocurrency Libra underlines the importance of digital currencies.
Some people might think that Bitcoin is useful in countries where human rights are under attack from the government. However, even in the United States, there are cases bitcoin might guarantee economic freedom. In April White House announced that they might limit the transfer of money to Mexico to deal with the problem at the southern border. It is a reminder that Bitcoin might be helpful when people can’t spend their own money due to restrictions.
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