Tech guru doubles his original prediction of $500k by 2020
Tech guru John McAfee has vowed that he will commit a horrific act of self-mutilation on live TV if digital currency Bitcoin doesn’t reach a value of $1 million US dollars by the year 2020.
The founder of McAfee anti-virus software is so confident that it’s worth will continue to soar that he swears he will “eat his own penis” it fails to meet his prediction.
He originally made this promise based on a prediction that it will reach $500,000 by the same year, but decided to double down on the value this week without prompting.
He says his original prediction was based on a model that showed it would reach $5000 by the end of 2017, but with it reaching a record $11k this week, he’s decided to increase the stakes.
On Twitter, he said: “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 Bitcoin at $1million by the end of 2020.
“I will still eat my d**k if wrong.”
Express reports: The volatile price is standing at double his original value with the end of 2017 in sight.
Mr. McAfee decided to take that as a cue to double his price and remind everyone of his terms, despite apparently standing to gain nothing from the bet.
The BTN price hit $11,000 (£8,170) earlier this week sparking fears of a bubble and even a mini-crash with the value tumbling to $9,000 (£6,680) before rallying to around $10,700 (£7,900).
The price at the time of writing the price was $9834 (£7,242).
A former fund manager at Fortress Investment Group, Michael Novogratz, believes the cryptocurrency could easily reach $40,000 in 2018.
As Bitcoin hit its record high the phrase “buy Bitcoin with credit card” topped Google searches in several countries.
While world banking chiefs were forced to calm nervous investors on the possible dent the currency could make in the economy.
The Deputy Governor of the Bank of England claimed Bitcoin was not yet big enough to pose a threat to the global economy.
He said: “I would just say investors kind of need to do their homework”.
While the currency has enjoyed new highs in recent weeks it has been predicting millions of Bitcoin with a value in the billions have been permanently lost.
As many as 4million coins have been lost, according to research by digital forensics firm Chainalysis.
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
Blockchain Centre founder Martin Davidson said: “It’s very easy to lose crypto.
“If you lose the private key, because of the mathematics involved and the strength of the cryptographic system, which is what makes it so safe, it’s impossible to ever get it back.
“What’s commonly happened is people have just deleted the file from their computer — the text document that holds the private key.”
Bitcoin is stored in a digital wallet which has a public address and a private key, if you lose the key it is impossible to access the wallet and get your hands on the valuable currency.