By CCN.com: Anyone who has been looking forward to watching Cryptocurrency maverick and anti-virus software guru John McAfee feast on his male member stands to be disappointed. This is because the 2020 U.S. presidential candidate still stands by his prediction that bitcoin will reach $1,000,000 by the end of next year.
In a tweet referencing an article in which he was mentioned as one of cryptocurrency personalities who have made bold price predictions, McAfee warned that anyone who had been planning to purchase a ‘front row seat’ to watch him eat his penis is unlikely to get their wish fulfilled.
The first time McAfee predicted bitcoin would rise to stratospheric levels was in 2017. Then, he forecast that the cryptocurrency would be worth $0.5 million in three years. If not, McAfee promised, he would turn his male member into dinner.
McAfee doubled down on his prediction last month. Instead of $0.5 million, he bet higher – that bitcoin will be worth at least $1 million by next year’s close:
Come on people!!! It’s time to brush up your basic math skills and run some f*^#$ng numbers!!!! It is mathematically impossible for Bitcoin to be less than $1 mil by the end of 2020. Bitcoin is not an effing stock!!! You can’t apply stock paradigms or formulas and expect answers!
Unlike other high-profile bitcoin bulls who play fast and loose, McAfee has stood out on bravado. For one he has put something on the line if his prediction fails. Additionally, he has also issued an exact date by which time he expects his prediction to be fulfilled.
McAfee also differs from other bitcoin bulls with regards to ambition with his price prediction bordering on the extreme. Tim Draper expects bitcoin to have hit a price of $250,000 by 2022, a quarter of what McAfee is promising. Yet Draper has a better track record at bitcoin price forecasts. In 2014 he predicted that bitcoin would reach $10,000 in 2017 which it did and actually exceeded.
Another renowned bitcoin bull, Fundstrat Global Advisors co-founder Tom Lee, has made an even less ambitious forecast. Lee recently said on TV that bitcoin will cross its record high of $20,000 in the next 20 months.
In the last 24 hours, the flagship cryptocurrency has ranged between $5,480 and $5,820.
For bitcoin to reach $1,000,000 by the end of 2020, it will have to appreciate by over 16,000 percent. There are 628 days left to December 31, 2020.
Some crypto enthusiasts are of the opinion that for bitcoin to appreciate to stratospheric levels, it will need to pull more institutional investors rather than mom and pop investors. During the run-up to the record high in late 2017, the rally was largely driven by retail investors.
In an effort to lure institutional investors digital currency investment firm Grayscale recently unveiled an advertising campaign calling on investors to drop gold in favor of bitcoin. It remains to be seen whether the campaign will be successful.
Another opinion holds that the upcoming halving of the block mining reward will push bitcoin’s price up. The next halving will see a reduction of the mining reward from 12.5 to 6.25 coins per block.
Last modified: May 19, 2020 9:34 PM UTC