It’s a matter of basic maths, says the man who earlier bet the contents of his trousers on an epic bullmarket.
Eccentric antivirus mogul John McAfee has put his, er, reputation on the line for bitcoin in the past. Back in 2017, he stated his belief that bitcoin would reach $500,000 by 2020 – and what he would do if he was wrong. Then bitcoin’s price increase accelerated, and he doubled down:
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 Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong.
Then came the crash. It was just a correction, he assured us. Bitcoin would be back. And it would definitely be back by 2020. But the bear market stretched on. By the end of 2018, $1 million looked a very, very long way away. $3,100 to $1 million in 2 years? It wasn’t looking good.
McAfee held to his statement, though he did suggest how he would go about fulfilling his promise if it came to it:
If the worst comes and I lose my Bitcoin bet (keep in mind I promised to eat my dick. The cutting it off first was added by the media), I will probably subcontract the task to a relay team of Bangkok prostitutes with instructions to carry out the task slowly, finishing as I exit
As bitcoin bounces from an apparent bottom, his confidence is renewed and he has restated his belief that bitcoin will hit the seven-figure mark by December 2020.
More and more headlines converging on a prediction that I cannot mathematically lose. All you “Eat your dick” airheads – please identify yourselves by commenting appropriately, so that at the end of 2020, the people who could add, subtract and multiply can have a good laugh.
Ok, so will bitcoin hit $1 million one day? Quite possibly. Will it hit it in 20 months – soon enough to save McAfee from (at best) a humiliating fate?
Never say never with bitcoin. But it would take a bull market the like of which we have never seen. Bitcoin would need to appreciate 200 times over in 20 months. Historically it has never done this and every bubble has been accompanied by a crash that puts it in the wilderness for a period of time.
Good luck, John, you’re going to need it.
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