John McAfee, a tech guru and CEO of MGT Capital Investments, called his own previous prediction of Bitcoin price hitting $1 million by the end of this year a total “nonsense”. He also added that that people who believed his “absurd” forecast should “wake up.”
In his tweet, McAfee explained why bitcoin can not reach 1$ million, and he reasoned that if Bitcoin ever hit $1 million, it’s market cap would be higher than the GDP of the entire North American Continent.
John McAfee is not the only one who had made an ambitious prediction about the bitcoin’s price in the coming years. Back in April, Tim Draper said that he would eat a raw egg if Bitcoin fails to hit $250,000 by the end of 2023. The billionaire venture capitalist expects bitcoin payments to see massive commercial adoption over the next three years, as he believes that the retailers would realize that they can accept crypto payments and save money on credit card fees.