|Mar 30, 2018 02:31 AM||By: Ben Noble | 11595 Views|
Eccentric cybersecurity pioneer and long-time cryptocurrency beast John McAfee just hit a significant technical hurdle in his bet that the Bitcoin price will reach $1 million by mid-2020.
On Thursday, the “McAfee Bitcoin Price Prediction Tracker” — which outlines the price of Bitcoin relative to McAfee’s ambitious prediction — fell more than two percent below its expected growth trend-line.
This seems to be the first time since McAfee has made his bullish bet that the Bitcoin price has dropped below the steady growth trend-line, and it means that McAfee is on track to lose his bet — and face the terrible consequences.
Those consequences — pardon the pun — may be higher than McAfee can stomach.
As some news channel reported, McAfee first put his, err, skin in the game in July 2017, when he foretold that the Bitcoin price would reach $500,000 within three years from its then-level of $1,800.
“If not, I will eat my d–k on public television,” he announced.
He later grew down on that prediction in December, declaring that Bitcoin would reach $1 million through the same time frame.
“When I prophesied Bitcoin at $500,000 by the end of 2020, it used a model that foretold $5,000 at the end of 2017. BTC has stimulated much faster than my model assumptions,” he told. “I will still eat my d–k if wrong.”
Since then, Bitcoin has entered a vital bear cycle, falling from a peak of nearly $20,000 to a modern value of $7,493.
Nevertheless, the former MGT Capital executive has not been deterred by the recent price decline. Last month, he tweeted that he will “ABSOLUTELY!!!” hold up his end of the bargain, showing that it is a bet that he “cannot possibly [lose].”
Of course, this budget tracker indicates that Bitcoin will see regular growth over the course of the bet. Markets do not function this way, so the fact that the Bitcoin price has dropped slightly does not spell doom for McAfee (or his member).
But, the trend-line values at a rate of ~0.48 percent per day, and this growth will compound immediately. If Bitcoin remains in its recent purgatory for much higher, it could find itself with important ground to make up to get back on track.