The Infamous Bet: John McAfee’s 2020 Price Target Shows BTC Undervalued by $37K
John McAfee is again going over the notorious wager he made back in November 2017 when he anticipated that bitcoin will reach a million dollars before the end of 2020. McAfee is supposedly on the run from the IRS, however, his worries don’t end there: according to data, his bet is currently $37,000 light of reaching its $1 million per bitcoin target.
Bitcoin Price Needs to Go Parabolic to Reach John McAfee’s $1M Prediction by 2020
Back in the summer season of 2017, bitcoin core (BTC) and other cryptocurrencies saw their fiat values begin to warm up before prices rocketed in the fall. In July the former anti-virus tycoon John McAfee told his Twitter fans that the price per BTC would touch a high of around $500,000 in three years. The software application mogul doubled down on his wager and said if his prediction wasn’t correct then he would “consume his penis” on tv. However, when cryptocurrency market value went parabolic at the end of November McAfee modified his bet and upped the stakes.
“When I anticipated Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017,” McAfee explained on Nov. 29, 2017. “BTC has accelerated much faster than my design assumptions, I now anticipate Bitcoin at $1 million by the end of 2020. I will still ‘consume my penis’ if wrong.”
McAfee’s statements naturally got the entire cryptocurrency community talking. Even the most solidified followers had a difficult time accepting the price would make it to $1 million per coin in 3 years’ time.
Oh! I’ve had a @officialmcafee cartoon for awhile … #bitcoin pic.twitter.com/43cPNKB93N
— luis buenaventura (@helloluis) January 2, 2018
McAfee: ‘Dec. 31, 2020, Not an Exact Date’
Nevertheless, a website committed to observing the bitcoin price together with McAfee’s 2020 target called Dickline.info states the current price is around 89.55 percent below McAfee’s forecast. The information is revealed on either a linear or logarithmic scale chart with a trendline that plots a default 0.484095526 percent everyday development trajectory. At the existing price of $3,965 per BTC, it would need to gain 482.81 percent each year. Dickline.info’s chart specifications for the McAfee bet can be changed and the website likewise has a timeline for Tim Draper’s 2022 prediction. Draper’s forecast of BTC reaching $250,000 by Dec. 31, 2022 is also down, however only by $ 14,844 at the time of publication.
On Feb. 22 McAfee said the media misquoted him and told his Twitter fans that “Dec. 31, 2020, is not an exact date.” “Let’s all be clear once again: I predicted Bitcoin would reach $1,000,000 prior to the completion of 2020. That is not stating it will hit that price on that date,” McAfee mentioned. In order for BTC to be above McAfee’s forecast target, Dickline.info’s slider should be transferred to 0.09 percent everyday growth trajectory. Just like cryptocurrencies, there’s a lot of mathematics behind the website’s estimations and even though McAfee’s price sounds insane, in terms of day-to-day motions it’s not much. A great example is November 2017 when BTC climbed up near to $1,000 per day for three days in a row.
“Compared to the massive price changes, half a percent does not seem like much to you? This is the magic of rapid growth,” noted Dickline.info.
Do you believe McAfee’s prediction could occur or do you believe he will be required to perform his stunt on TELEVISION? Let us know what you think of this subject in the comment section listed below.
Image credits: Shutterstock, Twitter, Pixabay, and Dickline.info.
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