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

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

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

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

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

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

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

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John McAfee confirmed his prediction: Bitcoin is 1 million dollars by 2020

John McAfee, whose fame came to him as the founder of the software company he founded in the late 1980s, again in his Twitter account confirmed that he is still still a bullish trend on Bitcoin.

Recall that in an attempt to predict the price of Bitcoin at the end of this decade, McAfee previously stated that by the end of 2020 it will reach $ 500,000. In November 2017, he wrote on Twitter that the Crypto-currency accelerated growth much faster than expected, forcing him to raise the forecast to $ 1 million.

However, McAfee’s prediction of Bitcoin is not all that he said in his tweets. He argued that if Bitcoin did not reach its target price by the end of 2020, he would “eat his penis on national television.” Although it is obvious that virtually any television network will allow such a demonstration as words on the air, McAfee may be trying to inspire greater confidence in his prediction. Nevertheless, most people, including some sane crypto currency enthusiasts, ridiculed his bold statements.

According to Makafi, his “prediction model” only predicted that Bitcoin would reach $ 5,000 by the end of 2017. However, the reality turned out to be quite deviant from his model, when the digital currency was at a record high peak of about $ 20,000 in December 2017. Bitcoin, along with the entire crypto-currency market, is on a steady decline from the moment of reaching this maximum, with total market capitalization at least 40% lower than a month ago. Naturally, this prompted people to question McAfee’s prophecy about the future. After all, in order to reach $ 1 million by 2020, Bitcoin will have to grow a hundred times from his current assessment.

John McAfee recently ceased his role as the main seer of cybersecurity at MGT Capital Investments. The company not only has a significant stake in the Bitcoin hydroelectric production, but also works with blockchain technology to develop products related to safety.

Interestingly, McAfee was a pretty strong supporter of the Bitcoin, Bitcoin Cash (BCH). He even mentioned two crypto-currencies that could potentially compete for the top position in the future. Most Bitcoin Cash supporters believe that the original Bitcoin is too bloated and unfit for use as a currency or a substitute for cash, which requires the existence of a hard-core. McAfee not only believes that BCH is a possible system of payment based on cash, but also that it can overthrow Bitcoin as a de facto crypto currency. Still, it’s surprising that his view of BCH does not jeopardize the fact that Bitcoin reaches $ 1 million over the next few years.

It remains unclear whether Bitcoin will return its movement back to the record high level set in December 2017. Although past performance is not an indicator of the future, it is likely that the entire digital currency market will recover sooner or later, as always. However, when this happens, one can only assume. How much is achievable target price McAfee will show only time.

 

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