McAfee: There are only 374 days left after the bet that Bitcoin reaches over $ 1 million by 2020, and will a dream come true?
At the end of 2017, when Bitcoin was crossing key daily levels, technology expert John McAfee predicted that Bitcoin would reach $ 1 million by the end of 2020. He bravely made his decision.
By the end of 2019, that means there will be one year for the notorious betting of John McAfee. He said the price of each bitcoin would reach $ 1,000,000 before the end of 2020. If the forecast fails to materialize, he says that he will eat his family’s jewelry on television. Currently, BTC price is 95% lower than McAfee’s prediction.
John McAfee, a British-American computer programmer and businessman. Image via Cryptonomist
The bet by John McAfee
John McAfee, famous for his software company founded in the late 1980s, reaffirmed on Twitter on February 2, 2018, that he is really optimistic about Bitcoin. In order to predict the price of Bitcoin by the end of the decade, McAfee has stated that it will reach “$ 500,000 by the end of 2020”. In November 2017, he tweeted that cryptocurrency accelerated faster than expected, causing him to increase his prediction to $ 1 million.
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 bet is well known throughout the cryptocurrency world because McAfee promises to enjoy an interesting attempt on television. The 2020 US presidential candidate promised to be vegetarian and his genitals on national television if he loses. At the time, McAfee’s bet was lower because his initial target price was $ 500,000 per bitcoin. However, he raised the stakes to $ 1 million and insisted that he would still perform crazy actions on TV if he was wrong.
In a tweet about an article in which he was mentioned as one of the prominent figures of the cryptocurrency market made bold price predictions, McAfee warns that anyone who intends to take the “front row” to see him “blowing” his own will have no chance of witnessing it.
Later in 2019, McAfee discussed his price prediction once again when he told the public that he was misquoted about the technical terms of betting. 2020 is coming very fast, and McAfee has fled the US government and lived off the grid. He was still very busy and launched a cryptocurrency trading platform called “Magic”, and started exchanging decentralized tokens without restrictions.
The data analysis website is called Dickline.info
McAfee’s wager has caused a lot of chatter on social and cryptocurrency forums, but it also called a data analysis website called Dickline.info. The website shows how far BTC must go to meet McAfee’s anticipated goals. Right now, digital assets will have to increase by 0.484095526% per day to reach the $ 1 million mark.
The creators of data websites dedicated to betting McAfee, do not overlook the fact that it can predict super McAfee may become a reality. “Compared to the big changes in prices, half a percentage may not sound like a lot to you – This is the magic of exponential growth,” the website states.
The site also allows users to make their own price predictions and has a calculator that allows visitors to change parameters. In addition to Dickline.info statistical information, there is also a Dickening.com countdown website. The site is entirely dedicated to McAfee betting and it says there are 375 days left until the last day of 2020. The site also notes that “Halvening” will take place first and also explains that McAfee may be right.
At this time of year, thought leaders and crypto influencers tend to make price predictions, but most people will probably forget these forecasts. McAfee’s bet, on the other hand, will be remembered when everyone is eager to follow his predictions.
While $ 1 million may seem like a silly sum, McAfee has repeatedly stated that this is only a moderate estimate/prediction. According to previous reports, he explained that the number of transactions and individuals using the Bitcoin network is increasing, suggesting that the real value of BTC is increasing very fast.
McAfee, then added that investors should not worry about the short-term downtrend of the cryptocurrency market, because he points out that artificial pressure only creates temporary shortcomings for cryptocurrency assets.
And interestingly, he’s not the only one who thinks that seven-digit pricing for Bitcoin is unreasonable. At an event run by IBM, Jesse Lund, head of digital assets and blockchain, told Finder.com’s cryptocurrency branch that he believes in Bitcoin, especially from a long-term perspective.
Travis Kling, Ikigai’s chief investment officer, recently released a chart describing how BTC can rise to a seven-digit valuation. The chart, derived from Crypto Voices, shows that if Bitcoin attracts all current fiat and gold holdings, the asset will have a fair valuation of $ 1.5 million.
Bitcoin above $ 1 million is mathematically feasible
McAfee did not dive into mathematical formulas but urged him to come up with a ‘million dollar’ valuation of bitcoin. However, based on its previous statements, the programmed computer measured the actual value of bitcoin, based on production costs, as well as on the total number of users and transactions on their network. McAfee emphasized that bitcoin is not an investment but an instrument that provides a payment protocol that operates without the need for a bank.
McAfee’s mathematical data is reminiscent of a fiat money system. The US dollar is valuable in the eyes of the people because they trust the issuing authority and govern its value. The more acceptance there is for the ‘Benjamin currency,’ the greater its demand. Just in the case of bitcoin, the act of issuing money has completely broken. So instead of the bank printing countless dollar bills, a protocol that sets predefined supply limits for bitcoin printing – 21 million units – and allocating money-minting tasks to thousands of miners.
The result is a cheaper money transfer protocol than an average bank. In addition, it also manages the records of each transaction without any intermediaries. McAfee believes that such a use case could further develop the bitcoin network.
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