John McAfee has become a pretty interesting personality in the world of Bitcoin and cryptocurrency. He has launched a major mining operation which continues to attract a lot of attention. Moreover, McAfee is quite bullish on the Bitcoin price itself. After making an early prediction of US$500,000 per BTC, he’s now adjusted his projection to US$1 million. It’s a very ambitious goal, considering this value must be reached by 2020.
Give John McAfee a Bottle of Ketchup
Although John McAfee’s price prediction itself should have attracted the most attention, that has not been the case. Most of the discussions have revolved around McAfee’s vow to eat his penis if the Bitcoin price does not reach the projected value in the time frame he envisions. His original target of US$500,000 by the end of 2020 still seems rather unlikely at this point in time.
With his new price prediction – which is even more bullish than the previous one – McAfee is even more on the verge of losing his male ornament. More specifically, he now claims the Bitcoin price will rise to US$1 million or more by the end of 2020. If that goal is not met, his previous “bet” still stands. It may be a good time to stock up on bottles of ketchup for when McAfee will need to digest part of himself on national television.
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. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
While it is commendable to see an individual such as John McAfee predict a Bitcoin price of US$1 million by late 2020, one has to admit this is extremely unlikely. While most cryptocurrency enthusiasts would like nothing more than to see McAfee’s vision come true, it is very unlikely the Bitcoin price will even reach 10% of that value in the coming years. It is true that 2017 has been a pretty positive year for Bitcoin in general, but it is also apparent that there is a lot of resistance in the market right now.
Overcoming such difficulties will not be easy either. After all, Bitcoin has a limited supply, and its price is mainly driven by speculation. If the Bitcoin price were to rise to US$500,000 in the next three years, it would represent a nearly 5,000% increase compared to today. While this is not entirely impossible whatsoever, there is no reason to assume the next few years will be as bullish for Bitcoin as 2017 has been. Optimism is always warranted in the Bitcoin world, but one has to keep a level head as well.
For John McAfee, predicting a US$1 million Bitcoin price by the end of 2020 may come to bite him in the lower body. It remains to be seen if he would actually eat his own penis on national television just because the Bitcoin price failed to hit a certain target, though. We have seen some very weird things in the world of cryptocurrency, but this would certainly take the cake. A lot of people will be glad to see either outcome, though, as that is the era our society finds itself in these days.
The first order of business will be to elevate and stabilize Bitcoin over US$10,000. That has proven rather difficult already, which only makes the US$1 million price target seem even sillier. At the same time, we have seen a lot of money pour into cryptocurrency as of late, and big things are on the horizon. This is certainly an interesting story to keep an eye on, though it is extremely unlikely we will see either shocking outcome of this bet come to pass by the end of 2020.