Tech pioneer John McAfee isn’t shy about making bold Bitcoin price predictions, stating in November 2017 that Bitcoin would trade for $1 million by 2020. From today’s (June 1) price of $7,433.14, that’s a gain of 13,353%.
And right now, he believes there’s a spark that will shoot Bitcoin into the stratosphere…
On May 30, McAfee tweeted a story about how a crisis in Italy could lead to a global stock market sell-off.
And that could lead to a race for everyone on earth to own a Bitcoin as a safe-haven asset, as there will only be 21 million ever mined…
How the New European Financial Crisis Could Send Bitcoin Soaring
Italy is already $2 trillion in debt, and investors are worried a sweeping wave of populism could cause the country to leave the European Union (EU) and abandon the euro or create the next European financial crisis.
Italy’s party heads in the Five Star Movement and the League are trying to form a coalition, but things are not going smoothly.
That could lead to another election in July.
Members of Italy’s new populist government have previously threatened to pull Italy – a founding EU member and its third-largest economy – out of the bloc, just like the United Kingdom did in 2016.
But they are also threatening a new financial crisis as they plan to boost spending and slash revenue despite Italy’s massive debt. That could devalue the euro or lead to another European bailout fight.
If Italy’s debt woes continue, they will create serious uncertainty about the euro and government bonds, and that sort of uncertainty makes investors pessimistic, which could tank markets.
Italian five-year bond prices are already plummeting. Yields have surged to 2.3% on May 30, from just 0.6% previously, according to Business Insider. Lower yields are a sign investors are confident they’ll be repaid, so rapidly rising yields mean investor confidence in Italy’s solvency is plummeting.
Plus, the euro also dropped to its lowest level against the dollar in 10 months, $1.15, on May 30.
The panic then spread across the globe…
On May 30, the Dow Jones Industrial Average plummeted 245 points, and the stock exchanges in South Korea, Shanghai, Singapore, and Hong Kong all slid at least 1%.
On top of all this, there will be continued market volatility thanks to Brexit, potential tariff wars between the United States, China, Canada, and Mexico, an economic crisis in Venezuela, and tensions between the United States and North Korea.
It’s not surprising that some investors are turning to Bitcoin as a safe-haven investment. After all, its value can’t be torpedoed by political disagreements or overzealous governments.
McAfee could be right that the troubles in Italy could help Bitcoin prices start to climb.
But the real windfalls will come, as he’s said before, when everyone realizes the true power decentralization and blockchain technology will bring to the world.
Stunning: New Innovation Will Be Like “Adding Twin Turbos to the Bitcoin Engine” – and Could Send Its Price to $100,000. Learn More…
And when you see how high Bitcoin prices could climb when the world understands the power of crypto, you can’t afford to be on the wrong side of history…
The Crypto Revolution Is Just Starting
Back in January 2009, Bitcoin came into existence via its mysterious founder (or founders), Satoshi Nakamoto.
Few outside of those working with Nakamoto even knew it existed.
Fast-forward nine years later, to 2018, and we’re in the early stages of a revolution…
The 1,640 cryptocurrencies on CoinMarketCap.com have a total market cap of $404 billion, making them worth more than Twitter Inc. (NYSE: TWTR), Snap Inc. (NYSE: SNAP), and Dell Technologies Inc. (NYSE: DVMT) combined.
Recent 10-K filings from Bank of America Corp. (NYSE: BAC), The Goldman Sachs Group Inc. (NYSE: GS), and JPMorgan Chase & Co. (NYSE: JPM) all listed cryptocurrencies as threats to their businesses.
Facebook Inc. (Nasdaq: FB), the world’s largest social media site, with 2.20 billion monthly active users, is “very serious” about launching its own cryptocurrency, according to CNBC.
Financial service platforms like Robinhood and Square Inc. (NYSE: SQ) are racing to let users buy and sell Bitcoin. The Winklevoss twins, of Facebook fame, are pushing the SEC to approve a Bitcoin ETF, which will provide retail investors an easy way to add Bitcoin to their portfolios.
It’s true the crypto coin space is getting crowded, but Bitcoin still has the best name recognition and is one of the easiest to buy.
It’s going to be the coin all new crypto investors are likely to own first.
And remember, we haven’t even hit a decade of Bitcoin being in existence.
Just imagine what could happen in the next 10 years…
The Shocking Reason Why We Think Bitcoin Could Hit $100,000 (and How You Could Make Millions)
Cryptocurrency legend Michael Robinson just revealed the little-known details regarding the future of Bitcoin… and why at any moment, it could be poised for a record-breaking rebound far beyond anything we’ve witnessed already.
Michael made a prediction about Bitcoin way back in 2013 – and folks who followed his advice stood to become 253 times richer.
We’d venture to say not one in 10,000 people is aware of the massive profit potential unfolding right now.
Read more: Money Morning
