The McAfee $1 million Bitcoin prediction: 468 days and $34K behind

22 Feb, 2019 | Updated: 22 Feb, 2019
by Ryan Boltman
Bitcoin
The McAfee $1 million Bitcoin prediction: 468 days and $34K behind

The infamous John McAfee bet of Bitcoin reaching $1 million by the end of 2020 has not been forgotten. Currently the situation is looking bleak for the crypto celebrity who waged his private parts in the bet back in November 2017. Nearly 15 months later, how are things looking?

Back in November 2017, McAfee tweeted that Bitcoin would not only reach $500,000, but it would surpass it and reach "$1 million by the end of 2020. I will still eat my dick if wrong."

The original bet was made based on McAfee's original esitmate that Bitcoin would be worth $5,000 by the end of 2017, at which time of the bet, it was sitting at over $10,000 and would climb roughly another $9,000 within the space of a month. However, since then, Bitcoin has seen an over eighty percent downturn in price. 

Read more: McAfee staying true to his prediction that BTC will trade at $1 million by 2020

McAfee's bet has been monitored on on the McAfee predictor tool. The website tracks the daily growth of Bitcoin with the target date and price set. The graph outlines the current growth rate of the bet in terms of percentage required to mantain course for BTC to hit $1 million by the end of 2020. According to the website, Bitcoin needed to grow at a rate of 0.484095526% per day to hit McAfees target. 

While Bitcoin was in fact up over 314% and 296 days ahead of the required trendline during the December bull run, things have drastically changed since. The curent trendline shows that Bitcoin is 468 days and $34,000 behind the required price of where it should be in order to hit the projection. 

Read more: Is McAfee sweating already? His Bitcoin prediction is now almost 300 days behind

While the McAfee price prediction might appear to be outrageous, VP of blockchain at IBM, Jesse Lund believes bitcoin will hit $1 million one day. While Lund did not specify a date, he expects Bitcoin to hit $5,000 by the end of 2019 with a rapid upward trajectory in the long run. Lund stated 'I like that number, because if Bitcoin is at $1 million, then a Satoshi will be equal to one U.S. penny, which would mean that there is over $20 trillion of liquidity in this network and this $20 trillion of liquidity would massively change the global financial services landscape."

Read more: BTC will be $1 million one day says Jesse Lund, VP of Blockchain at IBM

Outlandish price predictions might seem silly during a bear market, but considering bull markets have seen coins such as XRP do 35,000% growth, anything is possible. One thing is certain, McAfee is not backing down from his bet. 

Read more: Is Bitcoin at $1 million really possible?

Read more: XRP at $589? is it really possible for Ripple's token?

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Read more about:John McAfeeBitcoin (BTC)

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