John McAfee Doubles His Bet And Predicts $1M Bitcoin Price By The End Of 2020

John Mcafee Doubles His Bet And Predicts $1m Bitcoin Price By The End Of 2020
John McAffe predicting the Bitcoin Price

The multimillionaire John McAfee, founder of the popular antivirus and defender of blockchain technology and Bitcoin on multiple occasions, has doubled his bet and this time in a very peculiar way.

In his Twitter account, the 72-year-old computer scientist said that Bitcoin could reach $1,000,000 in 2020, saying that when he predicted the value of Bitcoin at $500,000 thousand by the end of 2020, it was based on the presumption that Bitcoin would reach only $5,000 by the end of this year, and as it has already passed the barrier, he predicts that by the end of 2020 the Bitcoin will have a value of $1,000,000. Such is the confidence that McAfee has in his prediction that he said he would cut and eat his own manhood on national television if his prediction was not fulfilled. This Wednesday he reiterated that if his new prediction does not come true, he will fulfill this promise.

He justified his prediction based on the fact that only a total of 21 million coins will be mined and that there are only 2 billion people working on this in the world, and he indicated the following table to calculate the final value of each coin: “(average of individual economic productivity) x (number of productive people) ÷ (12 million – total number of coins) = Bitcoin value”.

McAfee has also predicted that fiat money will not exist in 5 years, just like it happened with buggy whip manufacturers when the automobile was invented and the previous type of transport was abandoned for a better one, which at that time decreased the transportation cost and time.

Bitcoin has received a great number of accusations from personalities and financial authorities around the world of being a fraud or a financial bubble that will sooner or later explode, in addition to being used to carry out illicit transactions, so McAfee has been in charge of defending it for several years, since, for him, this term can only be applied when talking about fiat money. Being that McAfee has been a strong supporter of the cryptocurrency movement, he openly supports the business and tweets about it, just this past week he used the analogy between the birth of the cryptocurrencies and the invention of the automobile, when people shouted at them to the visionaries who bought a horse, he wrote on his twitter: “people: sell your horses!”.

McAfee hasn’t only defended Bitcoin, yesterday he also tweeted about Zcash (ZEC), Monero (XMR) and Verge (XVG), commenting that many people have asked his opinion on those coins, to which he replied back by saying that he would bet on ZEC, XMR and XVG for the long run, since those are based on privacy and anonymous transactions.

Additionally, the author of self-help books and American venture capitalist James Altucher, said in an interview that he agrees with the prediction of McAfee, because in his opinion, the fact that there are 15 million millionaires in the world will make the value of the cryptocurrency increase, since all the financial advisers will recommend Bitcoin as a sustainable investment method.