Friday, December 9, 2022

John McAfee Doubles Down on Bitcoin Bet to Cannibalize Himself

John McAfee Doubles Down on Bitcoin Bet to Cannibalize Himself

Former cyber-security maestro turned cryptocurrency pundit John McAfee caused both groans and excitement last July when he promised to, well, eat his own copulatory organ if the bitcoin price didn’t hit $1 million USD in 2020. Now, even with the acute cryptoeconomy downturn, McAfee’s doubling down on the bet. 

Also read: Vitalik Buterin Gifts $2.4 Million of Ether to SENS Research Foundation

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McAfee: “Run the Numbers”

To the chagrin of cryptocurrency users everywhere, the downturn in the markets this week have led to family, friends, and co-workers saying “told you so,” as if the cryptoverse’s future has suddenly evaporated entirely.

Firebrand cryptocurrency commentator and former cybersecurity pioneer John McAfee was no stranger to this trend, as people have been asking him in droves whether his bitcoin price bet from 2017 is still on.

McAfee, who already caused a fuss this week in saying his cryptocurrency picks have been beating bitcoin, just clarified his controversial bet on Twitter. It’s still on:

It’s safe to say McAfee is blocking himself into a fleshy corner in doubling down.

To $5,000 in the Interim, Says Peter Tchir

It’s not all peaches and cream when it comes to bitcoin price predictions, at least not for Forbes contributor Peter Tchir when it comes to BTC in the near future.

Tchir pictured.

In a new column, Tchir said that — instead of $1 million — a much more meager $5,000 is his next price target:

“There may be a time to buy Bitcoin again, but it isn’t until it breaks $5,000.  That is the level when I will reevaluate what to do next.

Basically, the reasons to buy or own Bitcoin have been eroded, one by one, so we need to see prices correct and new reasons to support it to develop.  Some of these issues are unique to Bitcoin, some apply more broadly.”

At this point, $5,000 might not be unreasonable in the short-term. But when it comes down to it, it’s really anyone’s guess where bitcoin goes from here.

What do you think? Do you think McAfee or Tchir have a better chance of being right? Sound off in the comments below.

Images via Getty Images, ABC News

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