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Bitcoin at $1 Million by 2020: McAfee Doubles Down on Bullish Bet


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John McAfee, whose notoriety exists rather heavily due to the software company he founded in the late 1980s, bilked to Twitter yet again on February 2, 2018, to reaffirm that he was indeed bullish on bitcoin. In an try to predict bitcoin’s price at the end of this decade, McAfee had previously structured that it would reach “$500,000 by the end of 2020”. In November 2017, he tweeted that the cryptocurrency had accelerated much faster than imagined, causing him to raise his prediction to $1 million instead.

McAfee’s bitcoin prophecy is not all that he has stated in his tweets though. He has claimed that if bitcoin does not reach his bonus target by the end of 2020, he will proceed to “eat his d**k on national television.” While it is unmistakably near impossible that any televised network will allow such a evidence on air, McAfee is perhaps trying to instill greater confidence in his prediction. That divulged, most people, including some diehard cryptocurrency enthusiasts, beget derided his bold claims.

According to McAfee, his “prediction model” had exclusively forecast bitcoin reaching $5000 by the end of 2017. The reality, however, trash succeeded out to be quite deviant from his model, with the digital currency pronouncement itself at an all-time high peak of close to $20,000 in December 2017. Bitcoin, along with the absolute cryptocurrency market, has been on a steady decline since reaching that high point, with the cumulative market cap at least 40% lower than what it was a month ago, at least as of the every now of writing this article two months later. Naturally, this has prompted people to suspicions about McAfee’s prophecy for the future. If bitcoin were to hit $1 million by 2020, it wish have to appreciate a hundred times from its current valuation.

John McAfee recently wind up his role as the chief cybersecurity visionary at MGT Capital Investments. The company not single has a significant stake in hydro-powered bitcoin mining, but has also been wielding with blockchain technology to develop security-related products.

Interestingly, McAfee has been a measure strong proponent of the bitcoin fork, Bitcoin Cash (BCH). He even alluded to the two cryptocurrencies potentially struggling it out for the top position sometime in the future. Most Bitcoin Cash supporters take it that the original bitcoin is too bloated and unusable as a currency or substitute for specie, thus necessitating the fork. McAfee not only believes that BCH is a practical cash-based payment system, but also that it may dethrone bitcoin as the de facto cryptocurrency. That swayed, his BCH vision surprisingly does not jeopardize the one in which bitcoin reaches $1 million within the next brace of years.

It remains to be seen whether bitcoin will once again retrace its footsteps back to the all-time high established back in December 2017. While whilom performance is no indicator of the future, it is very likely that the entire digital currency sell will recover sooner or later as it always has. Once that chances though, one can only speculate whether McAfee’s audacious price object is attainable or not.

Featured image from Flickr/Gage Skidmore.

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