MGT Capital’s John McAfee Increases 2020 Bitcoin Price Target to $1M

bitcoin price target

John McAfee has officially increased his 2020 bitcoin price target to $1 million. It is a bet that will leave bitcoin pessimists hoping that he is right about his forecast of the direction that the digital currency is heading in.

For those who don’t know, McAfee is the latest addition to the MGT Capital Investments team, and he joined as chief cybersecurity visionary right as the MGT Capital made their transition into the world of the blockchain.

The former Libertarian presidential candidate tweeted the following about the currency:

“When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bitcoin at $1 million by the end of 2020. I will still eat my dick if wrong.”

While it is quite the statement, one cannot help but wonder if he is correct in his prediction. Meanwhile, others are wondering if McAfee should have even increased his bitcoin price target in the first place, considering others have claimed the currency is just a bubble. Over the course of the past few months, McAfee has become much more vocal about the digital currency, even stating that he forecasts BTC and BCH fighting for the “Bitcoin” name.

Featured Image: twitter

 

Caroline Harris is a third-year student at Capilano University in North Vancouver, Canada. Having already completed an Associates Degree in Psychology, Caroline is working towards finishing her Bachelor's degree in Communications. In preparation for working in the advertisement sector, Caroline is writing financial content and analysis. On a daily basis, Caroline works on articles regarding the following topics: finance, consumer, technology, and politics.