The bitcoin rate will increase to $1,000,000 in three years, as its price hit another all-time high at $11,000. The computer programmer and notorious businessman John McAfee has doubled his forecast for the bitcoin price, claiming it could jump to $1,000,000 by 2020.
If wrong, McAfee still is decisive to eat his dick.. Earlier, McAfee wrote in his twitter that bitcoin would rise to $500,000 by 2020, adding that he will eat his penis otherwise.
This phrase of McAfee has since become proverbial, with many users in social media reminding to McAfee his promise whenever he makes any publication on bitcoin. Though sounding too optimistic, McAfee's prediction met support from the bitcoin community.
According to Altucher, the bitcoin price is pushed up by the fact that the issuance of bitcoins is limited by 21,000,000 coins, while the number of persons, willing to buy it, is growing. Currently, bitcoin is traded at around $10,000, down from the all-time high $11,300.
I think he'll be eating his dick in a few years then, I will staunchly refuse to believe an estimate like this unless something significant changes, like a ton of companies from around the world getting their money involved with Bitcoin and trying to buy up whatever quantities they can get their hands on. This seems doubtful in every aspect, even looking 3 years down the road. I wonder what is driving him to make such predictions, because there's nothing there to indicate bitcoin hitting $1M by 2020, even if the market pushed itself up to $11k this year. He should have stuck with his $500k prediction in my opinion, but I seem to be a perfect contrarian so you never know.