John McAfee Sets $1 Million Price Target for Bitcoin

Garrett Baldwin

John McAfee isn't afraid of making bold predictions, and he upped his Bitcoin price target on Nov. 29, 2017, from $500,000 to $1 million by 2020.

There's speculation on whether McAfee believes it's Bitcoin or Bitcoin Cash that will reach this value. Businessman Craig Wright, though, believes McAfee is referring to the value of Bitcoin and its forks combined.

For today, the downturn in Bitcoin prices is thanks in part to a cracking down by the United Kingdom on cryptocurrencies. The UK government has said it's working to address concerns over money laundering and tax evasion through cryptocurrencies.

Governments across the European continent are expected to release new regulations in early 2018.

Below is a recap of the top cryptocurrency prices at 3:00 p.m. EST.

• Bitcoin: $11,411.90, -3.04%
• Ethereum: 463.91, -3.39%
• Bitcoin Cash: 1,539.42, -5.06%
• Ripple: $0.2499, -3.67%
• IOTA: $2.81, +44.44%
• Litecoin: $98.77, -4.82%

Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…

Cryptocurrency Markets Today

On Monday, the market capitalization of the global cryptocurrency sector hit $343.14 billion.

Top performers from the largest 50 cryptocurrencies by market capitalization included IOTA (up 44.44%), Siacoin (up 21.17%), Syscoin (up 20.12%), BitShares (up 17.72%), SALT (up 16.01%), Ardor (up 10.02%), and Stratis (up 8.93%).

The worst performers from the top 50 largest cryptocurrencies by market capitalization included Hshares (down -8.87%), Ark (down -6.11%), Walton (down -5.34%), Power Ledger (down -4.39%), Ethereum Classic (down -4.05%), BitConnect (down -3.78%), and Bitcoin Gold (down -3.75%).

Bitcoin Prices Slightly Dip After Hitting Record Highs

The Bitcoin price hit an all-time high north of $11,800 Sunday, but a small retreat followed.

Some traders are worried that Bitcoin is losing its momentum, while others anticipate that institutional investors are on the verge of pouring billions of dollars into the market.

With CBOE prepared to begin Bitcoin futures trading next week, it's still too early to tell if there will be another rally or a sharp decline.

Markets are also talking about the first two public Bitcoin billionaires. Tyler and Cameron Winklevoss, best known for their $65 million lawsuit against Facebook Inc. (Nasdaq: FB), have amassed one of the largest Bitcoin portfolios in the world.

All told, their stake is now worth more than $1 billion, from an original investment of $11 million.

IOTA Cracks Top 5 Cryptocurrencies

The IOTA coin has gained more than 190% over the past week, a surge that has pushed this coin into the top five cryptocurrencies by market capitalization.

Must Read: You Can Buy Bitcoin with a Credit Card – but Should You?

The price surged on news that the German non-profit behind the coin – IOTA Foundation – is partnering with Microsoft Corp. (Nasdaq: MSFT) and Samsung on a new blockchain-based marketplace that will allow firms to sell data.

IOTA's market capitalization surged past $7 billion on the news.

The Price of Siacoin Climbs 21%

Sia is a decentralized storage marketplace that allows users to rent out available space on their hard drive.

The cryptocurrency for the network, Siacoin, is used in exchange for the rented space, and it incentivizes storage networks to remain online so users can access their files.

The company aims to disrupt the business of centralized cloud platforms like Dropbox.

Today, the Siacoin price climbed 21%.

The Cryptocurrency Revolution in Venezuela

Blockchain is a revolutionary technology that will completely alter the future of global finance.

Venezuela, meanwhile, recently underwent a revolution that has destroyed its financial future. The socialist revolution has crippled the nation's once-vibrant oil and agricultural trade.

Now, the country, whose central bank has brought about hyperinflation, wants to establish a cryptocurrency backed by the nation's oil, diamond, and natural gas reserves.

Let's see how that goes…

Up Next: Never Miss a Cryptocurrency Opportunity Again

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Garrett Baldwin

About the Author

Browse Garrett's articles | View Garrett's research services

Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.

Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.

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