From John McAfee refusing to eat his genitals to Pompliano’s $100,000 disappointment. Here are some of the most ridiculous Bitcoin predictions ever made. Bitcoin predictions are a risky business. You do ’em right, you look like a genius. But when you do them wrong, you’re constantly reminded Here are five forecasts that failed miserably:
John McAfee’s infamous Bitcoin forecast for 2020
At that time, in the golden age of crypto-currencies in 2017, McAfee ventured the ultimate prediction. He risked skin and hair that the Bitcoin rate would reach $500,000 by 2020. The software magnate was so convinced of Bitcoin’s performance that he promised to eat his “dick on national television” if he was wrong.
He then doubled his prediction and accepted the ultimate sacrifice – genital seppuku, if you will – if the Bitcoin price does not reach $1 million by 2020.
But unfortunately it was a deception. Yesterday McAfee revealed that the bet to eat his appendage was little more than “a ruse to get new users (for Bitcoin) on board”. Right after that, he discarded Bitcoin as the currency of the future.
“When I predicted Bitcoin at $500,000 by the end of 2020, I used a model that predicted $5,000 by the end of 2017. The Bitcoin price has accelerated much faster than in my model assumptions. I now forecast Bitcoin at $1 million by the end of 2020. I’ll still be eating my dick if I’m wrong.
Some fans were relieved that McAfee was spared. But the revelation disappointed some who had waited years for this moment. Not to mention one fan who had created an entire website dedicated to following the prediction. Read more about the bet on this page.
Calvin Ayre: Bitcoin forecast to 0 Dollar by 2019
Another ridiculous prediction comes from one of the more controversial figures in the industry. Calvin Ayre is a Canadian gambling mogul He became a crypto infamy after his support of Bitcoin Cash and the subsequent laudation of the BCH spin-off, Satoshi’s vision.
If he ever fails to threaten to sue people for slander or defend Craig Wright’s claim to the Crypto-Throne, you can watch Arye denigrate Bitcoin. In an interview, Ayre predicted in 2018 that the Bitcoin price would go “to zero” in 2019 due to an apparent lack of benefit.
“The original Bitcoin, the technology and the economic model, are alive with Bitcoin SV (Satoshi Vision) and will have an amazing year,” Ayre boasted.
Arye was now forced to collect his own words. The price of Bitcoin remained above USD 7,500.
- Obviously he does not have Satoshi’s vision.
- Pomp it: All crypto currencies will go off like a rocket until 2019
The eternal Bitcoin bull and crypto venture capitalist Anthony “Pomp” Pompliano predicted a myriad of optimistic rates for several crypto currencies. According to a tweet made in the middle of the 2017 Pink Bull run, Pomp predicted that the Bitcoin rate would reach $100,000. Ethereum would reach 3,000 USD, Litecoin 2,500 USD and XRP 10 USD.
It would be nice to be able to say that he was not too far off. But that would be a complete fallacy. Ethereum is at 140 USD, Litecoin at 44 USD, and the price of Ripple XRP is just over 21 cents. Bitcoin hasn’t done too badly compared to the rest, but at 7,550 USD it’s still far away. It is now time to throw these forecasts into the trash bin.
Mike Novogratz: The Bitcoin price breaks through $20,000
While most of these forecasts were made under the hype and innocence of 2017, Galaxy Digital CEO Mike Novogratz released his Bitcoin forecast in the middle of last year. In an interview with Bloomberg Canada, Novogratz predicted that the Bitcoin price could reach its all-time high of $20,000 again as soon as larger market players would enter the market.
- “I believe these institutions are ready again. Maybe by the end of the year or hopefully earlier. We are pushing out of this area and returning to the old highs of $20,000,” he said.
- Unfortunately, it wasn’t meant to be. Instead of going back north, Bitcoin began its slow decline back south.
Tom Lee: Bitcoin forecast at $40,000 by 2019
Our latest price forecast comes from the industry’s Nostradamus, Tom Lee. Although his crystal ball has let him down time and again, Lee has remained steadfast in his bullish Bitcoin price predictions.
The same goes for his forecast for 2019, which doubled Novogratz’s own and saw the Bitcoin price at $40,000 by the end of 2019.
In an interview with CNBC, Lee hinted that FOMO – or the fear of missing something – would lead Bitcoin past its all-time high and into greener pastures. Of course, Lee, like many other predictors, was influenced by the hype. Soon after, the Bitcoin price began to fall. And he was twice as wrong with the double prediction.