Showing posts with label crypocurrencynews. Show all posts
Showing posts with label crypocurrencynews. Show all posts
Thursday, 8 September 2022
Saturday, 5 January 2019
Satoshi Nakamoto:-Mysterious Bitcoin Creator World’s 44th Most Powerful Person in Finance
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A faceless person called Satoshi Nakamoto has bagged a rank among the world’s top 100 global finance leaders, leaving well-known personalities like Mark Zuckerberg, Kristalina Georgieva, and Paul Krugman behind.
Worth.com has named Satoshi Nakamoto the 44th most powerful individual in finance. The pseudonym, who could be a man or a woman, a person or a group of persons, an Earthling or an alien – or just about anything, is the entity behind the creation of Bitcoin, the world’s first peer-to-peer electronic cash payment protocol which has become a multi-billion dollar market containing thousands of financial and technological startups.
A Game Changer
Bitcoin allows people to send and receive payments directly to each other without needing a payment institution. It maintains the record of these transactions on a public ledger called the blockchain – practically doing what a bank does – at a much cheaper and faster rate.
Some of the world’s leading corporations of the likes of IBM, Bank of America, MasterCard, and JP Morgan are patenting solutions based on the bitcoin’s open-source solution, the blockchain. New startups are cloning its characteristics to create their allegedly “improved” user-specific solutions.
Bitcoin is also considered to be a financial weapon against an inflation-friendly fiat system. Nakamoto introduced a 21 million supply cap on the digital currency. The finite supply makes bitcoin more scarce than gold, the reason why speculators purchase and sell the digital currency in open markets like any other financial instrument.
Nakamoto is believed to control 980,000 bitcoins—roughly 5 percent of all of the Bitcoin that can ever be mined—giving him a net worth of $19.4 billion at the currency’s high point. It’s also enough of the cryptocurrency to allow Nakamoto to flood the market and tank Bitcoin’s value if he decides to cash out—either for profit or to prove some kind of the philosophical point—however unlikely that might be.
Blythe Masters Beats Nakamoto
Blythe Masters, the former chief executive officer of Digital Asset Holdings, a New York-based blockchain development firm, came in the 27th position of the same list. Her decade of experience in Wall Street helped Digital Asset land major clients in the banking sector, most notably the Australian Securities Exchange and Google.
Masters left Digital Asset, citing personal reasons, in December 2018.
Another crypto personality, Kelly Loeffler, the CEO of Bakkt, an ICE-backed bitcoin futures platform, also made to the list of global finance leaders, coming 72. From her profile:
If Bakkt succeeds, it will not only boost investor trust and access to Bitcoin as an asset, it will also give ICE a serious edge over the myriad other startups trying to corner this emerging market.
Nobel Prize Nomination
In 2015, UCLA Professor Bhagwan Chowdhry had sought nomination for Nakamoto for the Nobel Prize for Economic Sciences. But the Royal Swedish Academy of Sciences said that it would only nominate an anonymous person if he or she revealed themselves.
The prize, as in this instance, the Sveriges Riksbank Prize in Economic Science in Memory of Alfred Nobel, is never awarded anonymously nor posthumously.
The crypto community had expressed its disappointment over the matter, but they had also speculated on how the government agencies would treat the real Satoshi Nakamoto once his identity is open in public. Queries were also raised about whether Nakamoto should be given the entire credit of creating Bitcoin when he had support from many researchers
Can Ethereum Hit The $200 Mark Before The Hard Fork?
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Ethereum continues to see a massive increase in contrast to the stagnant and continuous bearish trend of the crypto market. The recent gains experienced by Ethereum made it the best performing of the top cryptocurrencies in the past 30 days. Ethereum had seen gains as it attempts to recover the huge loss it took when the crypto market took a huge plunge in November.
The plunge that struck the crypto market in November saw the value of ethereum drop from around the mark of $220 to $80 and equally lost its position as the second-rated cryptocurrency to Ripple’s XRP within the same period. However, throughout the past three weeks, it has seen a considerable reversal in value as there has been about 80 percent gain. The gains from the $80 mark to $159 as at report time. Also, on the 2nd of January, the cryptocurrency overtook Ripple’s XRP, taking back its second position among other cryptocurrencies
The Reason For The Drastic Gains of Ethereum
The drastic gains that the cryptocurrency has gained has made crypto enthusiasts to adduce the recent success to the impending hard fork that is already scheduled to take place on January 16.
Alex Krüger, an economist and a cryptocurrency trader, stated through a tweet on the eve of Christmas, 2018 that “Ethereum’s Constantinople fork is coming on block 7080000, around January 16, 2019. Constantinople will reduce the block rewards from 3 to 2, decreasing new ETH supply accordingly. On the long run, this is decidedly bullish.”
The historical record of Ethereum’s hard fork has led to an increase in its value afterward. Ahead of the hard fork, the cryptocurrency has seen a boost because of the possibility of positive gains after the hard fork has taken place.
Can Ethereum Surpass $200 Ahead of its Hard Fork on January 16th
The cryptocurrency increase to the value of $200 will see it near the mark it was in November 2018 before it took the deep plunge with other cryptocurrencies. This will make the cryptocurrency distinctive in the market.
The progress Ethereum has made in the past couple of days and the historical antecedent of increase after a hard fork has taken place has increased the interest of investors in the cryptocurrency ahead of January 16. With the recent move in the past days, reaching the mark of $200 before the set date at this point looks possible.
Monday, 31 December 2018
Bitcoin Has Jumped 82,000 Percent over the past Seven Years and Declared Dead for 91 Times in 2018
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Bitcoin was declared 91 times as dead this year alone, and 337 times so far. But despite the current bear cycle, data show that Bitcoin has grown more than 82,000 percent over the last seven years.
Bitcoin “died” 91 times in 2018
According to the website Bitcoin Obituaries, there were 91 publications in 2018 that announced the demise of
Bitcoin (internationally even much more). Interestingly, even in 2017, the number was 125, the number actually increased after Bitcoin reached its all-time high of about $20,000 in December. Altogether, the black painters, according to the website, Bitcoin since 2010 for 337 times declared dead. But how dead can it be if it works around the clock with near-full availability and has been operating for over a decade now?
82,000 percent growth in the last seven years
It is true that the continued bear market has been steadily adversely affecting Bitcoin price. Bitcoin is currently trading more than 80 percent below its all-time high so far. However, if you measure Bitcoin only in terms of its price in dollars, it turns out that Bitcoin not only that is not dead but has actually grown by more than 82,000 percent in the last seven years.
Bitcoin acceptance is a real
Regardless of how often the black painters have announced the sinking, so does the number of investors own or use Bitcoin. Four separate studies by the Ontario Securities Commission and the Central Bank of Canada show that three to five percent of Canadians own Bitcoin.
Another survey conducted by the market research institute YouGov revealed that up to nine percent of British residents own the cryptocurrency, while 90 percent have since heard of Bitcoin and cryptocurrencies.
In addition, the state of Ohio accepts Bitcoin for tax payments.
And for what is supposed to be “dead”, over $410 billion was transacted in 2018 over the Bitcoin network or an average of $13,000 per second (despite its falling value).
After all, this is not the first time the cryptocurrency has suffered 80 percent loss. However, as it turns out, Bitcoin came back every time and reached an even higher level.
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Bitcoin was declared 91 times as dead this year alone, and 337 times so far. But despite the current bear cycle, data show that Bitcoin has grown more than 82,000 percent over the last seven years.
Bitcoin “died” 91 times in 2018
According to the website Bitcoin Obituaries, there were 91 publications in 2018 that announced the demise of
Bitcoin (internationally even much more). Interestingly, even in 2017, the number was 125, the number actually increased after Bitcoin reached its all-time high of about $20,000 in December. Altogether, the black painters, according to the website, Bitcoin since 2010 for 337 times declared dead. But how dead can it be if it works around the clock with near-full availability and has been operating for over a decade now?
82,000 percent growth in the last seven years
It is true that the continued bear market has been steadily adversely affecting Bitcoin price. Bitcoin is currently trading more than 80 percent below its all-time high so far. However, if you measure Bitcoin only in terms of its price in dollars, it turns out that Bitcoin not only that is not dead but has actually grown by more than 82,000 percent in the last seven years.
Bitcoin acceptance is a real
Regardless of how often the black painters have announced the sinking, so does the number of investors own or use Bitcoin. Four separate studies by the Ontario Securities Commission and the Central Bank of Canada show that three to five percent of Canadians own Bitcoin.
Another survey conducted by the market research institute YouGov revealed that up to nine percent of British residents own the cryptocurrency, while 90 percent have since heard of Bitcoin and cryptocurrencies.
In addition, the state of Ohio accepts Bitcoin for tax payments.
And for what is supposed to be “dead”, over $410 billion was transacted in 2018 over the Bitcoin network or an average of $13,000 per second (despite its falling value).
After all, this is not the first time the cryptocurrency has suffered 80 percent loss. However, as it turns out, Bitcoin came back every time and reached an even higher level.
Friday, 7 December 2018
Swiss National Postal Service and Telecom Leader to Build Blockchain Platform
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Swiss Post and Swisscom will take advantage of their trusted reputation in Switzerland to create a blockchain platform for use by themselves and others that will be based on Hyperledger Fabric2.
Swiss Post is publicly owned and the country’s second largest employer. It already uses blockchain technology to record temperature data while transporting pharmaceuticals in the national postal network. It is also running an energy provision and billing pilot for power generating landlords to accurately charge their tenants in collaboration with Energie Wasser Bern.
Swisscom is 51% publicly owned and a major telecommunications provider in Switzerland. It’s working on a blockchain platform, alongside law firm MME, for securely issuing and transferring shares called “C-Share.”
The announcement read:
“Swiss Post and Swisscom are connecting their existing private infrastructures for blockchain applications. On the basis of distributed ledger technology, the two instances check each other and thus help to establish trust.”
It goes on to confirm the new blockchain platform will be used for their own blockchain-based applications, and be made available to other companies.
The development will be a private blockchain infrastructure, limited to its own blockchain users and hence, says the release, requiring less power than other public blockchains.
Blockchain Data will Remain in Switzerland
Explaining that Swiss Post and Swisscom are “known for their reliable handling of sensitive information,” the release also confirms that data on their blockchain platform will stay solely in Switzerland and meet the “high security” requirements of banks.
“Swiss Post and Swisscom are thus creating attractive advantages for companies in all sectors and therefore also for Switzerland as a business location,” an excerpt from the press release added.
The pair plan to launch the first pilot applications on the new blockchain platform in the second-quarter of 2019, and will focus on working with companies and public authorities in the country as well as being open to other key partners for the project.
A National Blockchain?
Considering the public ownership of both companies, the development could almost be termed a national blockchain platform provision, and thus potentially a first for blockchain.
It’s no surprise this kind of progression emerges from Switzerland, both a financial innovator in its own right and a proven supporter of cryptocurrencies and blockchain technology.
The credibility of the two companies in Switzerland may attract interest in the platform and further accelerate blockchain adoption in the European Union (EU) country.
The Swiss exchange SIX has created its own cryptocurrency and exchange and approved the first listing of a cryptocurrency-based exchange-traded fund (ETF). The Swiss government is still investigating the possibility of its own digital currency the “e-franc.” And, one of the first cryptocurrency hubs in the world, the city of Zug, was one of the first to trial blockchain-based e-voting.
Thursday, 6 December 2018
Denmark has over 1,500 Restaurants that accept Bitcoin
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Strapped for cash with a bad case of the munchies? You’re in luck. If you live in Denmark, that is. You can now use your bitcoins again at Hungry.dk to order online takeaway from over 1,500 restaurants.
Denmark may be more famous for its pastries and its Vikings, but it seems the small Northern European country is breaking new terrain once again, just like its ancestors prior.
There aren’t all that many places that allow you to buy food with bitcoin and it’s not often that much of an incentive since you could end up losing out big time when the market goes up.
But still, it’s nice to know that there are companies blazing the trail for virtual currencies to use as a form of payment–and people who actually want to use their bitcoins in this way.
BUYING WITH BITCOINS ON HUNGRY.DK SINCE 2014
Actually, the fact that Hungry.dk accepts bitcoin payments isn’t really new since they were offering the service as far back as 2014 (light years when it comes to cryptocurrency evolution). However, as explained to Bitcoinist by a Hungry.dk representative:
We have accepted Bitcoins as a payment method for quite some time. We decided to remove the feature temporarily last year though because the average transaction time took too long, and the experience wasn’t the best.
The problems have since been solved, and we have added the option again… Hungry.dk handle the payment, so you will always be able to use Bitcoins with all the restaurants currently found on Hungry.dk.
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Strapped for cash with a bad case of the munchies? You’re in luck. If you live in Denmark, that is. You can now use your bitcoins again at Hungry.dk to order online takeaway from over 1,500 restaurants.
Denmark may be more famous for its pastries and its Vikings, but it seems the small Northern European country is breaking new terrain once again, just like its ancestors prior.
There aren’t all that many places that allow you to buy food with bitcoin and it’s not often that much of an incentive since you could end up losing out big time when the market goes up.
But still, it’s nice to know that there are companies blazing the trail for virtual currencies to use as a form of payment–and people who actually want to use their bitcoins in this way.
BUYING WITH BITCOINS ON HUNGRY.DK SINCE 2014
Actually, the fact that Hungry.dk accepts bitcoin payments isn’t really new since they were offering the service as far back as 2014 (light years when it comes to cryptocurrency evolution). However, as explained to Bitcoinist by a Hungry.dk representative:
We have accepted Bitcoins as a payment method for quite some time. We decided to remove the feature temporarily last year though because the average transaction time took too long, and the experience wasn’t the best.
The problems have since been solved, and we have added the option again… Hungry.dk handle the payment, so you will always be able to use Bitcoins with all the restaurants currently found on Hungry.dk.
Blockchain becomes Necessary for German Businessman like Internet
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A poll conducted by the German Association for IT, Telecommunications and New Media (Bitkom) unveiled that every third major company in the country considers blockchain technology as groundbreaking as the Internet, according to the press release of the organization.
Based on the extensive research, the Bitkom experts concluded that German entrepreneurs consider blockchain to be one of three most promising technologies along with artificial intelligence (AI) and the Internet of things (IoT)
About 15% of companies-respondents believe that distributed ledger will drastically change the society and the economy, as happened with the advent of the Internet. Nearly 36% of large enterprises, with the number of employees from 500 and above, adhere to this opinion.
Almost half of the survey participants (46%) believe that Germany is late with the development and use of blockchain and is already far behind other countries. 40% of the surveyed state that the country is in the middle of the list of countries that actively use blockchain technology.
A previous Bitkom survey, which was conducted in November 2018, showed that 60% of German companies do not want to address the blockchain matter because they do not know how to find a practical application of the technology.
In February 2018, the organization conducted a study on the awareness of German citizens about bitcoin. Then 64% of citizens reported that they are familiar with cryptocurrency. Meanwhile, in 2016, only 4% of the country's population knew what bitcoin is.
Earlier, a study by the World Trade Organization revealed that blockchain might bring $3 trillion to the economy in the next 20 years.
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A poll conducted by the German Association for IT, Telecommunications and New Media (Bitkom) unveiled that every third major company in the country considers blockchain technology as groundbreaking as the Internet, according to the press release of the organization.
Based on the extensive research, the Bitkom experts concluded that German entrepreneurs consider blockchain to be one of three most promising technologies along with artificial intelligence (AI) and the Internet of things (IoT)
About 15% of companies-respondents believe that distributed ledger will drastically change the society and the economy, as happened with the advent of the Internet. Nearly 36% of large enterprises, with the number of employees from 500 and above, adhere to this opinion.
Almost half of the survey participants (46%) believe that Germany is late with the development and use of blockchain and is already far behind other countries. 40% of the surveyed state that the country is in the middle of the list of countries that actively use blockchain technology.
A previous Bitkom survey, which was conducted in November 2018, showed that 60% of German companies do not want to address the blockchain matter because they do not know how to find a practical application of the technology.
In February 2018, the organization conducted a study on the awareness of German citizens about bitcoin. Then 64% of citizens reported that they are familiar with cryptocurrency. Meanwhile, in 2016, only 4% of the country's population knew what bitcoin is.
Earlier, a study by the World Trade Organization revealed that blockchain might bring $3 trillion to the economy in the next 20 years.
Friday, 30 November 2018
Will Cryptocurrency Rise Again? Overall Insights and Sentiments
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People are intended to ask questions and get the answers which can affect their descisions and lead to a better welfare. The thing is that not every question has the answer. Especially the finance-related ones, but there’s always a possiblity to ‘scrape’ anwers based on overall insights and sentimens which are visible within the concrete niche. In our matter – cryptocurrency niche. Here’s our answer to a question will cryptocurrency rise again?
By the way, a poll awaits at the bottom. Make sure to leave your VOTE!
Influential people’s opinions
The opinions are often shaped by influential people and this is completely normal. Whoever has followed the most recent influential people’s speeches, you might agree that the cryptocurrencies have a strong backing.
Overstock CEO Patrick Byrne sees mass adoption for cryptocurrency in near future. Bitpay’s CCO continues to see Bitcoin price of $15,000 next year despite drop.
eToro’s senior market analyst, Mati Greenspan, does not believe that the current market plunge to $4000 is a downtrend. He calls it a retracement and suggests to focus on a bigger picture while Reddit co-founder, Alexis Ohanian, had foreseen the occurrence but believes it will benefit the blockchain industry.
An elite macroeconomic and investment strategist, Raoul Pal, thinks that investing in Bitcoin now could be of benefit for retirement savings.
Fundstrat Global Advisors co-founder, Tom Lee, bets on Bitcoin price of $15 000 in 2018 Q4.
John McAfee stated that the patient ones will be hugely rewarded while impatient just make an unnecessary move and indicates an imminent market turn as weak hands are out.
The International Monetary Fund (IMF) head, Christine Lagarde, believes that the time has come for international central banks to look at the idea of digital currency with the state backing.
Ripple’s Co-Founder thinks that digital assets will be a driving force for positive change in the financial industry and Marcus Swanepoel, a cryptocurrency expert, agrees that the world is looking for sweeping changes in economic activities and that the money will not be the same in the future.
Furthermore, many venture capitalists believe that cryptos will soon replace fiat currencies in the global financial systems.
Joseph Young, a very popular analyst and investor think so too.
Nasdaq and VanEck join to launch new Bitcoin futures Contracts
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World’s second-largest stock exchange Nasdaq is preparing to launch its bitcoin futures contracts in the first quarter of 2019.
A couple of weeks ago, the cryptographic ecosystem suffered a sharp drop in its prices, when the Bitcoin’s value fell around 70% compared to the peak reached in the last quarter of last year.
Despite the recent collapse of the crypto market, the New York stock exchange has announced that it maintains its plans to launch bitcoin futures in the first quarter of 2019 in a joint initiative with the investment management firm VanEck.
In this regard, Gabor Gurbacs, director of digital asset strategy at VanEck, said the companies plan to launch a variety of bitcoin derivatives in the first few months of 2019, including the aforementioned regulated futures contracts. The announcement was made during the Consensus Invest conference held in New York, on Tuesday.
Gurbacs confirmed the information in his Twitter account, ensuring that Nasdaq and VanEck will present transparent, regulated and monitored products of digital assets, such as bitcoin futures contracts.
“@Nasdaq and VanEck’s @MVISIndices announces #index #partnership and intention to bring to market transparent, regulated and surveilled #DigitalAssets products, such as #Bitcoin futures contracts. More info to come,” the publication said.
Bitcoin Futures Contracts
In the last year, Nasdaq has openly shown interest in launching bitcoin futures, but they did not do so before because according to Adena Friedman, CEO of Nasdaq, they wanted their contracts to be different from those that already exist.
On the other hand, after the collapse of the market, several reports indicate that the second stock exchange in the world has taken into account the concerns of the Commodity Futures Trading Commission (CFTC) of the United States – a government independent agency which regulates futures markets – and Nasdaq has been working on it.
The CFTC, which regulates bitcoin as a commodity, has so far approved only two encryption futures products: one from the Chicago Mercantile Exchange (CME) and another from the Chicago Board Options Exchange (CBOE).
However, they are not the only ones who have shown interest in Bitcoin futures.
For its part, ICE (Intercontinental Exchange), Nasdaq’s main competitor, has announced their plans to launch a bitcoin futures product liquidated physically in the first quarter of 2019.
Similarly, the cryptocurrency exchange created by ICE, Bakkt, announced that it would launch bitcoin futures to the market on December 12, but later decided to postpone the launch for next year’s January 24.
Is Bitcoin dead? 8 reasons why it is NOT
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Is the price of Bitcoin down to zero?
No.
Bitcoin is trading above $4000 at the time of writing. Yes, that's far from the all time high of close to $20K, but people are still buying Bitcoin every day, every hour, every minute. Don't forget that only two years ago, one Bitcoin was worth $736, and in September of 2017 BTC was still trading below $4000.
Many people got hurt post-bull run, but zoom out and look at the bigger picture. Patience is the name of the game here.
Is this the worst Bitcoin bear market EVER?
Nope, we've been here before.
We've seen worse.
And we survived.
Be like the hodlers who got through the 2011 crash. Who dealt with the -83% retracement in 2013. Who were not afraid anymore during the 2013-2015 bear market because they knew that Bitcoin would come back stronger, eventually.
Hi CNBC Crypto Crew, can you please discuss about the gains after each of the last 4 major Bitcoin crashes (80% or more) in the past 9 years.
The 2014-2016 bear market resulted in a 13,100% gain from the bottom of $150.
Did Bitcoin stop working?
No.
Every 10 minutes or so, a new block is created on the Bitcoin network. Every 10 minutes, assets, sometimes worth millions of dollars, are being sent across the world, fast, for a low fee. Bitcoin dead? Miners are still mining, blocks are still being created, transactions are still being confirmed. The fact $BTC dropped in price didn't change anything to that.
Are institutional investors walking off because of the BTC price drop?
No.
What would institutional investors be more interested in? Buy at the all time high together with the retail investors, or wait for the inevitable correction and buy in 5 times cheaper?
And if they buy at those cheap prices, would they send out a tweet right away, stating 'I just bought 9000BTC on Bitfinex'? No. They accumulate quietly, knowing that, at some point, retail FOMO will push their ROI.
Some big players might be buying already, some institutional investors might be waiting on the sidelines for the price to drop even further, or for regulation to be implemented, or for the right products to be launched. But one thing that's certain is that when it comes to buying, institutional investors like blood on the streets more than hype.
As Michael Novogratz says, when the time is right, institutional FOMO will kick in too.
Did the fundamentals of Bitcoin change?
No.
Let's just steer away from the price action for now. Is transaction volume on the Bitcoin network still high? Are people actually using it? 'Pomp', take it away and explain to us why Bitcoin fundamentals haven't changed at all.
Friday, 16 November 2018
Is McAfee sweating already? His Bitcoin prediction is now almost 300 days behind
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Remember that famous Bitcoin prediction of John McAfee? Bitcoin at $1 million by 2020 or a certain private part gets eaten on national television? Well, after this week's Bitcoin crash, things are not looking very promising for McAfee right now.
The crypto enthusiast first predicted Bitcoin to reach $500K in 2020, stating that he will 'eat his dick on national television' if that doesn't happen.
In November 2017, four months after his first bet, McAfee took it a step further and predicted Bitcoin at $1 million by the end of 2020, adding that 'I will still eat my dick if wrong'.
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 Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong.
McAfee had every reason to be confident at that time. On November 29 2017, the day of his $1 million predicition, Bitcoin was trading 128% above the average trend line leading to $1 million by the end of 2020. A handy McAfee predictor tool keeping track of the progress, Bircoin.top, explaines that 'Bitcoin needs to grow at a rate of 0.484095526 % per day from 2017-07-17 to 2020-12-31 to get from $ 2,244.27 (price on the day of his first prediction) to $ 1,000,000.00'.
At the all time high of Bitcoin, mid-December 2017, Bitcoin's price was 314% above the red line, and 296 days ahead of the growth that is needed for McAfee's prediction to come true.
298 days behind
Things are looking different these days. With Bitcoin's price dropping from close to $20K to the current levels of $5.5K, McAfee is losing sight of the average trend line going towards the $1 million. Currently, the price of Bitcoin is 76,3% below and 298 days of average growth behind the red line. Bitcoin should have been $23,520.75 at this point to be on schedule.
'
I cannot loose the bet'
McAfee, however, doesn't seem to be worried at all. On Thursday, he posted on Twitter that 'we are still on schedule to get to $1 million by 2020'. 'I cannot lose the bet. It is mathematically impossible. What you have been seeing is short term (< 18 months) nonsense. Ignore it and look at fundamentals.'
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Remember that famous Bitcoin prediction of John McAfee? Bitcoin at $1 million by 2020 or a certain private part gets eaten on national television? Well, after this week's Bitcoin crash, things are not looking very promising for McAfee right now.
The crypto enthusiast first predicted Bitcoin to reach $500K in 2020, stating that he will 'eat his dick on national television' if that doesn't happen.
In November 2017, four months after his first bet, McAfee took it a step further and predicted Bitcoin at $1 million by the end of 2020, adding that 'I will still eat my dick if wrong'.
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 Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong.
McAfee had every reason to be confident at that time. On November 29 2017, the day of his $1 million predicition, Bitcoin was trading 128% above the average trend line leading to $1 million by the end of 2020. A handy McAfee predictor tool keeping track of the progress, Bircoin.top, explaines that 'Bitcoin needs to grow at a rate of 0.484095526 % per day from 2017-07-17 to 2020-12-31 to get from $ 2,244.27 (price on the day of his first prediction) to $ 1,000,000.00'.
At the all time high of Bitcoin, mid-December 2017, Bitcoin's price was 314% above the red line, and 296 days ahead of the growth that is needed for McAfee's prediction to come true.
298 days behind
Things are looking different these days. With Bitcoin's price dropping from close to $20K to the current levels of $5.5K, McAfee is losing sight of the average trend line going towards the $1 million. Currently, the price of Bitcoin is 76,3% below and 298 days of average growth behind the red line. Bitcoin should have been $23,520.75 at this point to be on schedule.
'
I cannot loose the bet'
McAfee, however, doesn't seem to be worried at all. On Thursday, he posted on Twitter that 'we are still on schedule to get to $1 million by 2020'. 'I cannot lose the bet. It is mathematically impossible. What you have been seeing is short term (< 18 months) nonsense. Ignore it and look at fundamentals.'
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