John McAfee had previously predicted that Bitcoin would be worth $1 million by 2020. He has finally taken back his infamous and potentially consequential BTC price prediction.
Outlandish cryptocurrency influencer and entrepreneur John McAfee claimed in a tweet that his prediction that Bitcoin would reach $1M USD in valuation was “nonsense”. Furthermore, McAfee claimed that those who believed his prediction should “Wake up!”. The tweet reads as follows:
Put a different way:
If Bitcoin ever hit $1 mil, it's market cap would be greater than the GDP of the entire North American Continent.
What idiot could believe such nonsense?
Whale Fucking is a thousand times more likely to make its way onto the Olympics Stage.
— John McAfee (@officialmcafee) May 30, 2020
McAfee is right in his claim that the required market cap for a $1M Bitcoin is comparable to North America’s GDP. However, a $1M Bitcoin would require that a significant portion of the global money supply be converted to BTC. Therefore, a $1M Bitcoin would be less attributable to huge amounts of spending and rather a global shift to Bitcoin preference.
McAfee no longer a Bitcoin fan?
This tweet follows an ongoing sentiment shift regarding McAfee’s opinion on Bitcoin. In an earlier tweet, McAfee called Bitcoin “the most crippled crypto-tech”. He has also claimed that Bitcoin is an “ancient technology”, and that his $1M Bitcoin prediction was a successful ploy to lure people to the cryptocurrency space.
Eat my dick in 12 months?
A ruse to onboard new users. It worked.
Bitcoin was first. It's an ancient technology. All know it.
Newer blockchains have privacy, smart contracts, distributed apps and more.
Bitcoin is our future?
Was the Model T the future of the automobile?
— John McAfee (@officialmcafee) January 5, 2020
Recently, McAfee has been a firm believer in cryptocurrencies offering complete privacy. He has also launched a new privacy coin called GHOST, which claims to offer complete anonymity to its users.