John McAfee revised his forecast for bitcoin: a minimum of 1 million by 2020

[Mazda3]

John McAfee is known as an extraordinary personality in the world of crypto currency.

In July 2017, he predicted that the price of bitcoin would reach $ 500,000 by the end of 2020. The courage of this statement can be assessed if we consider that at that time the price for bitcoin was $ 2,500. Would anyone in their right mind expect an increase in the value of the asset by 20,000% in just two years?

But McAfee was adamant, and promised to eat his cock on the air, if that does not happen.

By the end of 2017, when the price of the number one crypto currency grew almost every day, its forecast seemed less eccentric. In just 6 months, the price of bitcoin increased eight-fold.

After a sharp fall in prices at the end of the year, it would be logical to assume that McAfee will try to make everyone forget about his forecast, but instead he changed his forecast upward and said that by the end of 2020 the price for bitcoin will reach 1 million dollars.

What are the grounds for this? McAfee said that he simply extrapolated the past behavior of bitcoin for the future. Since the bitcoins available for mining are getting smaller, the cost of their mining will grow exponentially, but this will only happen if the value of the coin itself is sufficient to cover the costs. Given the current production rate, McAfee believes that we can extrapolate the cost of mining the latest bitcoins and accordingly set the final market price for the number one crypto currency.

He is so confident in his prediction that he claims that $ 1 million is only an absolute minimum, the price that bitcoin will achieve in any case.

[Dan]

This is one of my favourite stories. Mainly because his prediction is so far from realistic but two because hes such a funny guy. Have listened to a few podcasts he's been on and I honestly can;t determine whether hes a genius or an idiot.