John McAfee, the outspoken and, at times controversial, founder of the antivirus software company which bears his name, is living up to his reputation with an outrageous online gambit on Bitcoin skyrocketing in value.
“Bitc[oin]'s low of $1,800+ yesterday simply could not be maintained. In the long term Bitcoin moves above $500,000 within three years. Bets?” McAfee tweeted, adding that if it doesn’t: “I will eat my d*ck on national television."
That is about as bullish a bet as one can find in the commodity markets, especially the notoriously volatile cryptocurrency trade. For perspective, McAfee is hoping for a rise of 22,636 percent in the next three years in order to save his manhood.
Bitcoin reached a high of $3,018 on June 11 but recently took a beating, dropping below $2,000 over the weekend before rebounding to over $2,300 early this week. At time of writing, it the Bitcoin price index stands at $2,384.
The overall cryptocurrency market broke $80 billion on Tuesday, Coindesk reported.
Fundstrat's Tom Lee, known for his bearishness, has dubbed Bitcoin "the new gold," claiming that a price of $55,000 is possible by 2022.
"Cryptocurrencies are cannibalizing demand for gold," Lee wrote in an investor note cited by Business Insider. "Bitcoin is arguably becoming a scarcer store of value. Investors need to identify strategies to leverage this potential rise in cryptocurrencies.”