Bitcoin not reach $ 1 million without the collapse of the government?

Mike McDonald, the youngest champion of the European Poker Tour (EPT), said that the Bitcoin price could only reach 1 million dollars when “some governments” collapse.

However, he asserts that the coronavirus crisis will negatively impact the Bitcoin price despite the fact that it rose 5% in a stock market crash.

Bitcoin is not just a satire

Overs eleven years, Bitcoin has moved from a satire to a new industry. However, most still consider cryptocurrencies as a speculative asset, and critics repeatedly say that it creates a solution to a non-existent problem. This is why BTC will not function as a national currency in the United States.

In stark contrast to this, Venezuela, a failed socialist nation with hyperinflation, realized Bitcoin’s true purpose. Citizens here use BTC as a means of exchanging and storing value instead of nearly worthless coins.

The $ 1 million target has a long history predicted by the most loyal Bitcoin supporters. The host of the show, RT Max Keizer, has maintained this belief since 2016, while John McAfee believes that the goal will be achieved this year, although not feasible. Besides, there are other industry CEOs such as Jesse Lund of IBM, Wences Casares of Xapo, Gemini’s Winklevoss twins…

Bitcoin does not necessarily need collapsed governments to thrive. According to Fundstrat’s Tom Lee, the BTC price could be able to reach $ 500,000 in the long run by doubling its current number of users.

Meanwhile, Shark Tank host Robert Herjavec doesn’t think the target of $ 1 million is ‘too crazy,’ but the industry needs to become united to achieve it.

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