John McAfee Doubles Down, Predicts $1 Mln BTC, Bets His D**k On It

Outspoken John McAfee has made the bold claim that Bitcoin will be worth $1 mln by 2020.

John McAfee, founder of McAfee Associates a well-known software company has always been Bullish on Bitcoin, in fact, he has even been confrontational on the fact.

In July, with a lot of fear and uncertainty surrounding Bitcoin ahead of its Aug. 1 chain split, McAfee came forward and stated boldly that he was willing to stake his name and up to $10 mln on a bet that the Bitcoin price will move above $500,000 within three years or he would "eat my d**k on national television."

That prediction was seen as ludacris at the time, and many were left wondering how his on-screen promise would play out – however, now that Bitcoin has crossed $11,000, McAfee is not sitting back smugly, but rather raising the bar.

The outspoken tech mogul has now said:

“When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bitcoin at $1 mln by the end of 2020. I will still eat my dick if wrong.”

Predictions abound

With the feeling being that Bitcoin has truly crossed the mainstream adoption threshold, and the dam wall has broken, many big-name players have lent their thoughts to a predicted target.

Ronnie Moas, famed stock picker, has tried to remain ahead of the curve, changing his prediction three times in the month of November already. He began at $11,000 for the new year but then changed it to $14,000, before now settling on $20,000 for a split-adjusted price.

Tom Lee, much more cautiously, said:

“Bitcoin fell to $5,600 and since then rebounded. In our view, this move to $5,600 cleaned up weak hands and we no longer feel caution is warranted. … We recommend steady buying of Bitcoin at these levels."

He went on to predict 40 percent growth in seven months, but in all reality, Bitcoin fell short $200 of his $11,500 target this week.

Max Keiser is another one who has made a big and bold prediction, although it is only one-tenth of McAfee as he says Bitcoin at $100,000 is an eventuality.

Secret symbol № 16: v What is this?

Source: Coin Telegraph




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Brazil & New Zealand Issue Statements, Cryptos are Assets or Securities in Canada

Central Bank Round-Up: Brazil & New Zealand Issue Statements, Cryptos are Assets or Securities in Canada

During November, several central banks addressed bitcoin and cryptocurrencies. New Zealand’s central bank has issued a statement seeking to educate citizens of the fundamentals underpinning cryptocurrencies, as well as the implications of such on monetary policy.  The senior deputy governor of the Bank of Canada has stated that cryptocurrencies comprise assets or securities, rather than currencies. Brazil’s central bank also addressed cryptocurrencies during November, issuing a warning to investors.

Also Read: 1 Million Yen, 100 Million INR – Bitcoin Sets New Price Milestones on International Markets

Reserve Bank of New Zealand Does Not Believe Cryptocurrencies Pose Existential Threat to Mainstream Financial Institutions

Central Bank Round-Up: Brazil & New Zealand Issue Statements, Cryptos are Assets or Securities in CanadaThe Reserve Bank of New Zealand (RBNZ) has published a paper on cryptocurrencies titled “Crypto-currencies – An introduction to not-so-funny moneys.” The 44-page document seeks to “increase public understanding these technologies, highlight some of the risks involved in using crypto-currencies, and discuss some of the potential implications of these technologies for consumers, financial systems, monetary policy, and financial regulation.” The document also details the fundamental underpinnings and history of cryptocurrency, and provides definitions for terminologies relevant to the industry.

The document states that “Crypto-currencies expand the mechanisms by which people can transact with each other, strengthening competitive pressures on payment systems providers.” Despite such, the RBNZ states that due to the “relatively small volume of transactions” conducted using cryptocurrencies, “These new payment mechanisms are unlikely to completely supplant traditional payment systems.” The document also emphasizes the “incompatab[ility] of “the (pseudo) anonymity… of crypto-currency” with credit issuance – concluding that such prevents cryptocurrencies from posing a threat to many functions of traditional financial institutions.

Canada Views Cryptocurrencies as Assets or Securities, Not Currency

Central Bank Round-Up: Brazil & New Zealand Issue Statements, Cryptos are Assets or Securities in CanadaEarlier this month, Bank of Canada’s senior deputy governor, Carolyn Wilkins, stated that “so-called cryptocurrencies actually aren’t currencies at all, they’re not money.” Speaking with Bloomberg, Mrs. Wilkins stated “If you look at standard monetary theory… this is really an asset, or a security. And so it should be treated that way, and in fact, that’s the way it’s treated in Canada.”

When asked specifically of ICO’s Mrs. Wilkins stated “I’m not a securities regulator, and it’s not the Bank of Canada’s role to comment on any specific ICO, but… these look more like securities to me than a currency and they should be regulated as such.”

Mrs. Wilkins also expressed enthusiasm for blockchain technology, adding “What is promising… is… the distributed ledger technology that underpins it, because it provides the opportunities to create efficiencies in financial markets and other places that could actually be beneficial to market participants, businesses, and households.”

The Banco Central Do Brazil Issues “Alert on [the] Risks Arising From Custody and Trading Operations of So-Called Virtual Currencies”

Central Bank Round-Up: Brazil & New Zealand Issue Statements, Cryptos are Assets or Securities in CanadaThe warning emphasizes the lack of protections afforded to investors choosing to trade cryptocurrencies, stating that virtual currencies “are not issued or guaranteed by any monetary authority.” Brazil’s central bank states that “the purchase and safekeeping of virtual currencies” exposes investors to “imponderable risks, including… the possibility of loss of all capital invested.”

Despite the dire tone of the warning, the document states that “the need to regulate [cryptocurrencies] has not been identified to date by international organizations”, adding that “In Brazil, for the time being, no significant risks are observed for the National Financial System.”

What do you make of the central banks’ statements regarding crypto? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Bank of Canada


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The post Brazil & New Zealand Issue Statements, Cryptos are Assets or Securities in Canada appeared first on Bitcoin News.

Source: Bitcoin News




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Just More FUD: Citadel CEO Wary of Bitcoin Bubble

Citadel CEO warns that confusion between Bitcoin and its Blockchain could burst the bubble.

With the $11,000 milestone newly etched onto its belt, Bitcoin continues its rise in value while a chorus of voices sings contrasting melodies. For some, the Bitcoin price surge over the past two weeks has been nothing short of miraculous, vindicating “outlandish” predictions made months ago. The more-wary pundits are staying at an arm’s length, watching nervously as what they describe as a bubble continues to grow.

Speaking to CNBC's Leslie Picker earlier this week, Citadel hedge fund founder and CEO Ken Griffin echoed the sentiments of JPMorgan CEO Jamie Dimon, likening Bitcoin to the historical ‘Dutch tulip bulb mania’ in the 1600s. Griffin’s main concern is that people enticed by the hype of the Bitcoin bull run don’t have an understanding of the intrinsic value of the Blockchain technology it is based on.

"Blockchain's a very interesting technology that will have some very profound applications for society over the years to come.”

The billionaire is concerned that the average person on the street is simply trying to ride the wave, without understanding the applications of Blockchain technology. He suggests that the hype could end badly for some:

"I get very worried that people that are buying Bitcoins don't really understand what they're participating in other than the headline stories that it keeps going higher and I want to make sure I don't miss this opportunity to make some money.”

"So is it a fraud? No. But these bubbles tend to end in tears. And I worry about how this bubble might end."

When does the run end

There is no telling if and when Bitcoin’s rise in value will come to an end. The likes American broadcaster Max Keiser have suggested a $100,000 high in the coming years, while slightly more conservative estimates of a $40,000 high from fund manager Mike Novogratz still boggle the mind.

Conventional markets, in their simplest form, are dictated by supply and demand. While Bitcoin’s cap is 21 mln, analysts predict that its downfall could be further forks in the Blockchain in the future.

However, as the suspended SegWit2x fork proved, the community of developers, miners and traders have to reach a consensus before hard, telling changes are made to the Blockchain.

Source: Coin Telegraph




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“Ban Bitcoin!” Says Nobel Prize Winner, While Ignoring FANG Losses

Bitcoin should be banned, but what about FANG stocks, Joe?

In a statement that will be widely approved and vilified by opposing camps, Joseph Stiglitz said on Bloomberg TV that cryptocurrencies like Bitcoin should be banned. His commentary is based on analysis saying that the market for Bitcoin is driven mostly by its potential to circumvent government agencies.

His rant continued, stating that the Bitcoin market will ‘go up, and then come down,’ leaving many investors injured, and therefore it should be banned, adding that it doesn’t serve any ‘socially useful function.’

Ban it all, Joe, ban it all

Apparently, Dr. Stiglitz may also desire to ban the famous FANG stocks (Facebook, Apple, Netflix, and Google), which, on the same day as the recent price decline for Bitcoin, faced far greater losses.

In fact, while Bitcoin lost around $3 bln in market cap, the FANG stocks lost $60 bln – twenty times as much. If consumer protection is the main goal, the FANG stocks are a far greater risk, and worthy of the ban.

Impossible?

In the final analysis, however, regardless of the opinions of economists, the very nature of Bitcoin may make it impossible to ban. Instead, governments must simply deal with the cryptocurrency, and regulate its trade in reasonable and rational ways. According to Kain Warwick, Founder of Havven:

"Thankfully it’s somewhat irrelevant whether anyone in particular thinks Bitcoin should be banned, because one of its strongest points is that it is, in practice, not able to be banned."

Source: Coin Telegraph




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Ronnie Moas Raises Bitcoin Target Again: $20,000 By Start Of 2018

Ronnie Moas, quite happily, keeps changing his mind on where Bitcoin will be in the new year.

November has been a busy week for famed stock picker Ronnie Moas who, on Nov. 4, predicted that by the beginning of 2018 Bitcoin would hit $11,000. That was recently blown out the water, but before the target was hit, he adjusted to $14,000.

Now, Bitcoin is on its way to smashing that new target causing Moas to readjust for the third time in a month as the digital currency revels in a new era of adoption and acceptance.

Moas looks at Bitcoin as a whole, incorporating all the chain splits in his split-adjusted price is and considering the price of the forked Bitcoin chains alongside the original was $12,740 when Moas made his new prediction, $14,000 looked undervalued again.

$20,000 is a month away

Moas now puts the line in the sand at $20,000 for the split-adjusted price when the new year hits. Looking at how things have gone so far for Moas, a month is a long time, and perhaps $20,000 will be broken before that time.

Many pickers, investors and money movers have thrown their hats into the ring trying to hit the sweet spot of this volatile asset when it comes to prediction.

Tom Lee, rather conservatively, set a Bitcoin growth of 40 percent to happen by the middle of 2018. His prediction put him at $11,500. That prediction was made a week ago, and in that time Bitcoin topped at around $11,300.

Max Keiser has a much more bullish view, but over a longer time frame as the host of Russia Today’s Keiser Report believes that $100,000 Bitcoin is an eventuality.

Why split-adjusted?

Moas, as one of the most well-regarded stock pickers, is clearly in the Bitcoin game for its investment potential rather than the technology side which has seen different factions at war with each other. Some people are vehemently Bitcoin Cash supporters, and others true fans of the original chain.

Moas, however, with his investor’s hat on, sees that by buying Bitcoin he not only received free Bitcoin Cash, but also free Bitcoin Gold, and thus counts them together in his portfolio, urging others to d the same as a diversification strategy.

Bitcoin Diamond and the real gold

“I am raising my 2018 fork- and split-adjusted price target on Bitcoin from $14,000 to $20,000,” Moas explained. “The current price is $10,720 and the split-adjusted price is now $12,740 when factoring in Bitcoin Cash, Bitcoin Gold and Bitcoin Diamond.”

Bitcoin Diamond is another fork of the Bitcoin chain that went largely unnoticed. Its aim is to switch from proof-of-work to proof-of-stake after mining is completed – after just 10,000 blocks.

“Bitcoin is now up split-adjusted by 394 percent since my July 3 recommendation,” Moas went on. “There is no way to justify Gold $7 tln at 40X Bitcoin ($180 bln). An argument can be made that Bitcoin will be equal to Gold within 10-15 years. I do not know how much Gold there is in the ground … I do not know how much Bitcoin there is.”

Source: Coin Telegraph




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