John McAfee is confident bitcoin will have a major resurgence. Photo: Gage Skidmore
John McAfee is standing by his prediction that the price of bitcoin will skyrocket to US$1 million by the end of next year.
“I’m absolutely confident that it will hit $1 million,” he told Information Age.
“It’s pure numbers. There’s only 21 million bitcoin that will ever be mined, 18 million has already been mined, and the three million remaining will take a dozen years to be mined. We’ve already lost seven million, so that leaves only 14 million.
“However, for every bitcoin mined, four bitcoins are lost.
“So we have a supply that’s diminishing rapidly and a demand which is growing rapidly, and I figure in the middle of next year it’s going to break and people will go ‘Oh my god there’s no more bitcoins’ because we’re losing them all.”
Back in July 2017, the reclusive entrepreneur bet the price of bitcoin would reach US$500,000 by 2020 – extraordinarily saying he would eat his own penis on TV if bitcoin did not meet his expectations.
if not, I will eat my dick on national television.
— John McAfee (@officialmcafee) July 17, 2017
Only a few months later, McAfee looked almost prescient as the cryptocurrency rose to record heights of nearly US$20,000 – before staggering back to earth at the start of last year and finding a trough of US$3,000 in December.
Since then, bitcoin has rallied somewhat, suggesting occasionally that it was heading back into the stratosphere, but the cryptocurrency has ultimately struggled to stay consistently above the US$10,000 mark.
With just over 12 months to go until McAfee’s judgement day, he has doubled down on his first bet – but don’t expect to see any grotesque spectacles if bitcoin disappoints.
“Anybody who thinks that anybody is going to eat their own dick on public television needs a brain transplant,” McAfee said.
“However, I don’t think I’m going to need to do that.