Bitcoin began 2020 by trading around the same $7,200 line as during the past week. However, this means that the price of Bitcoin will have to increase massively during the upcoming 12 months to stop John McAfee from having to honor a bizarre promise.
John McAfee has said he will “eat his dick” if Bitcoin doesn’t reach $1 million in 2020
Specifically, John McAfee – who is best known for founding the anti-virus software of the same name and one of the top crypto profiles in 2020 – made a spectacular bet a few years ago. At the time, he said that Bitcoin would hit a price of $500,000 by the end of 2020.
Nevertheless, he then went on to correct this price prediction to $1,000,000 by the end of 2020. This came following Bitcoin’s impressive price gains during the end of 2017. If wrong, McAfee said that be would “still eat [his] dick” in a bizarre statement.
As such, the price of Bitcoin needs to make a spectacular rally during 2020 if McAfee is right. In fact, the price of Bitcoin would have to surge by around 13,800% during the coming year if it is to hit a price target of $1 million.
According to the “Dickening” website, which keeps track of McAfee’s bet, the price of Bitcoin would need to increase by $2,719 per day for the upcoming 365 days. Moreover, the site also displays the famous tweet in which McAfee made his promise to eat his “dick on national television” if he is wrong.
Is this Bitcoin price increase possible?
Although this may seem too large a gain, one should note that such a percentage increase is not without precedent. Naturally, Bitcoin has never seen such a massive price surge in absolute price terms. However, a percentage increase of 13,800% is not as unique.
Furthermore, McAfee claims to have made his $1 million Bitcoin prediction using a mathematical model. This model is also said to have accurately predicted Bitcoin’s price increase during the latter part of 2017 (even underestimating it).
All in all, this bizarre pledge is naturally trivial in nature – at least to others than McAfee himself. However, it does pose an interesting question regarding whether Bitcoin will be able to rally by thousands of percent during the upcoming year.
Additionally, it puts the current price of Bitcoin – and the wider cryptocurrency industry – into some perspective. Granted, price increases and decreases are generally anecdotal to diehard cryptocurrency suppers, but this $1 million target will be interesting to keep in mind in 2020.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.