John McAfee says Bitcoin will hit USD 15,000 by the end of July 2018 at the latest. This revises his earlier prediction that the mark would be reached in June. He says that the recent price crash, which has brought Bitcoin down to USD 6,400 as of this writing, is due to an overreaction about news that Bitcoin exchanges are being investigated for price manipulation. He says this will delay the bull rally by no more than 30 days.
In his most notorious prediction, McAfee said Bitcoin would hit USD 500,000 by the end of 2020. He made this prediction when Bitcoin was near USD 2,250 on 17 July 2017, and after this Bitcoin experienced its biggest rally in history, reaching nearly USD 20,000 in December 2017.
The prediction that Bitcoin would rally followed by an order of magnitude price increase brought McAfee much fame in the crypto world, especially since he made a specific prediction that Bitcoin would hit USD 5,000 by the end of 2017 and that prediction came to fruition with plenty of time to spare. He has used this fame to earn lucratively from advertising initial coin offerings on his Twitter feed.
He famously he upped the stakes and revised his long-term prediction for USD 1 million by the end of 2020, reiterating his promise to consume a sensitive body part on national television if incorrect.
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
When looking at a long-term logarithmic graph of Bitcoin’s price on bircoin.top, it can be seen that McAfee’s prediction isn’t so far-fetched. Bitcoin’s price has been increasing by an order of magnitude roughly every one to two years, having increased four orders of magnitude between 2011 and 2018 from around a dollar to USD 10,000.
In addition to being a self-declared “Bitcoin prophet”, John McAfee is also running for President of the United States in order to provide the ultimate PR platform for the cryptocurrency community.
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