After the predictions that Bitcoin will reach $500,000 within three years, John McAfee confident that Bitcoin cannot be considered a bubble.
In a interview with RT the Cybersecurity expert defended Bitcoin from people saying it is a Bubble.
John McAfee, Founder of McAfee Inc. says:
“Bitcoin is not a fiat currency. It costs over a thousand dollars to create a Bitcoin today in electricity and computing cost.”
Against many people who use it for speculative purpose, he said that bitcoin in cannot be tagged as a speculative investment and that the value of Bitcoin grows, as the Bitcoin network grows.
“It is not a speculative investment even though it is being used as such by other people. As Bitcoin network grows the value of Bitcoin grows. As people move into Bitcoin for payments and receipts they stop using US Dollars, Euros and Chinese Yuan which in the long-term devalues these currencies.”
About the instability of bitcoin, he said temporary fluctuations are meaningless and are only created by speculators who don’t have fundamental understanding of Blockchain technology.
To watch the full video on youtube:
