Cybersecurity pioneer and eclectic personality John McAfee raised his 2020 bitcoin price target to $1 million, and his bet will undoubtedly leave even the most ardent bitcoin skeptic praying that he’s right.
McAfee, who joined MGT Capital Investments as chief cybersecurity visionary right as the firm was making its transition into the blockchain space, tweeted that he will eat his d**k if the bitcoin price does not reach $1 million by the end of 2020.
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
The former Libertarian presidential candidate and onetime fugitive had previously predicted that the bitcoin price would end the decade at $500,000 -- and had made the same promise -- but he stated that this forecast was predicated on the assumption that bitcoin would rise to $5,000 during 2017.
However, bitcoin has vastly outperformed that prediction, and just this week it rose past $11,000 during a period of intense volatility. Consequently, McAfee feels confident that bitcoin will reach $1 million during the same period -- confident enough to bet his manhood on it.
However, Vinny Lingham, CEO of Civic, raised an important question: “BTC or BCH?” In recent months, McAfee has emerged as a strong supporter of bitcoin cash, and he has stated that he believes BTC and BCH will ultimately fight a war for the “Bitcoin” name. However, McAfee -- as he often does -- declined to give a direct answer. “Stop it now. Use your head,” he retorted, adding that “Bitcoin can reach a million and still not be dominant. Did all of you get hit in the head as a child?”
Craig Wright, however, posited that McAfee was referring to the combined value of bitcoin and its forks. “Bitcoin from John is BTC + BCH. I think people are missing this,” he said.
At the time of writing, the bitcoin price was trading at $9,250 on Bitfinex following a steep decline from Wednesday's high of $11,441. It is unclear whether this is a temporary retrace or the beginning of a new bear cycle. Either way, given the graphic nature of McAfee's bitcoin bet, it is likely that even the most vociferous bitcoin skeptics now harbor a secret hope that the so-called "speculative bubble" will expand to $1 million -- at least temporarily -- before it pops.
Featured image from Flickr/Gage Skidmore.