John McAfee’s Bet That Bitcoin Would Hit $1 Million By The End Of This Year Has Gone Horribly Awry

April 10, 2020 / by Crypto.IQ

In the middle of July 2017, as Bitcoin (BTC) steadily climbed out of a bear market, John McAfee bet that Bitcoin (BTC) would hit $500,000 by the end of 2020, or he would do something very terrible to himself on national television. Then, as the Bitcoin (BTC) rally entered frenzy mode in late November 2017, he doubled the difficulty of his bet, despite there being no incentive for doing so aside from generating hype. Now however it is all too clear that McAfee’s bet has gone horribly awry.

Unfortunately for McAfee, just over 2 weeks after he doubled his bet to $1 million Bitcoin (BTC) by the end of 2020, the price of Bitcoin (BTC) began to collapse as futures markets introduced short selling pressure, and then the initial coin offering (ICO) bubble imploded, paving the way for a years long bear market that continued into 2019.

McAfee perhaps got some brief hope that his bet would work out as Bitcoin (BTC) rallied as high as $13,800 during the summer of 2019, but that rally got squashed as well.

At this time the price of Bitcoin (BTC) is $992,700 lower than McAfee’s predicted price of $1 million at the end of 2020, or equivalently the price of Bitcoin (BTC) is only 0.73% of McAfee’s predicted price.

That being said, a major Bitcoin (BTC) rally could be coming this year due to the block halving, but even the most optimistic forecasts are capped at $100,000, with most forecasts being in the $10,000-$30,000 range.

Essentially, it is inevitable that McAfee’s forecast of $1 million Bitcoin (BTC) by the end of 2020 will fail hard. Of course, hopefully McAfee does not follow through with his bet, since Tweets are not binding legal contracts, and no national TV station would air the atrocity that McAfee proposes anyway.

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