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Craig Nicholas

Did John McAfee change his bet on Bitcoin's price of late?

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The bet is still active, but the stakes seem to have changed. John McAfee has doubled down on his prediction of $1m per bitcoin (BTC) by 2020. He also predicted that there'll soon be no fiat currencies anywhere in the world and that everything will be cryptocurrency 10 years from now.

He tweeted that people shouldn’t be worried about the daily and weekly fluctuations. He told his audience to “look at the past few months" and take note that the price is "rising drastically." He went on to say that he was still certain about his prediction of bitcoin being worth $1m by the end of 2020.

Bitcoin has had a rough couple of days as it dropped in price after Donald Trump tweeted that he doesn’t like cryptocurrencies. However, if we disregard daily fluctuations, the biggest cryptocurrency is up from the $3700 range it was at the start of the year. If we take a look at this month alone, bitcoin managed to register a 23% gain.

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Amid the 2017 market surge, John McAfee envisioned Bitcoin’s value at $500,000 in 2020. The cybersecurity expert raised the figure to $1 million later that year claiming a miscalculation of his prior assumptions. In October last year, he described mathematics as a let-down if the coin missed $2 million when 2020 closed.
Even so, his opinion on the leading cryptocurrency has since changed. In addition to being outdated and clunky, McAfee said the coin lacked decentralized apps, safety, as well as smart contracts. This was after a past tweet disclosed the bet was a gimmick to attract new users.
Referencing its pioneering role, he proceeded to describe Bitcoin as an old system relating it to the Model T vehicle. Not only that, he endorsed Monero and Ethereum citing advancements like privacy features while emphasizing Bitcoin’s failure as a form of digital cash. The sudden change of heart could mean only one thing; the bet is off.

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