McAfee Backtracks From Outrageous Bitcoin Price Prediction

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:

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.

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.

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