Or he will eat his what?
Ok, so he didn't explicitly bet his manhood on that $1 million dollar price this time, but he certainly has upped his price target.
John McAfee said a few months back that he would eat a certain part of his anatomy if bitcoin didn't reach $500,000 per coin by 2020.
More about his original claim can be seen here:
https://steemit.com/bitcoin/@jrcornel/bitcoin-to-usd500-000-within-3-years-or-he-ll-eat-his-what
Then, a few months later, not only did he not back off of that claim, he doubled down on it.
At the time many thought he was just using hyperbole to make his point, or possibly was a little influenced by alcohol, but nope, he stuck to his original $500,000 by 2020 claim.
Now, he is stating again, on the record, that bitcoin will hit $1 million per coin by 2020, and that is his conservative estimate!
(Source:
)https://twitter.com/cryptomanran/status/966730602950152192
- cryptomanran
Oh, and guess what, John claims he never loses bets.
I guess this recent 70% drop in prices didn't scare ol John off too much!
How does he come up with that price you might be wondering?
His rational is a bit interesting to say the least, though I am not sure I fully agree with it. However, I also can't really say I fully disagree with it either.
Basically he works backwards, projecting when the last few coins will be mined and the costs that will be associated with mining those coins.
His theory is that if the costs are projected to be roughly "X" amount than the price of what is being mined must be many times more valuable than "X".
Then work backwards from that end point when the last coins are mined, and you can get a rough estimate of $1 million per coin, give or take a million of course. ;)
Overall, it's an interesting theory, and one we will be able to watch unfold in real time over the coming years.
More than just financial reasons, I just hope he's right so I don't have to watch him eat something that I really don't want to see.
Give the video a listen if you get a chance, pretty interesting stuff in there.
Here's to hoping he is right!
Follow me: @jrcornel