Bitcoin price predictions are a risky business. Get them right and you look like a genius, but get them wrong and everyone will keep on reminding you about it. Well, on that note, here are five forecasts that flopped this year.
John McAfee’s infamous bet for 2020
Back in the golden age of crypto, circa 2017, McAfee made the ultimate bet, risking life and literal limb on bitcoin reaching $500,000 by 2020. The security magnate was so confident of Bitcoin's performance that he promised to eat his dick "on national television" if he was wrong. And then, he doubled down on the bet, accepting the ultimate sacrifice—genital seppuku if you will—if bitcoin did not reach $1 million by 2020.
But, sadly, it was trickery. Yesterday, McAfee revealed that the commitment to eat his appendage was little more than “a ruse to onboard new users.” And then discarded bitcoin as the currency of the future.
Some fans were relieved that McAfee would be keeping himself as one. But the revelation disappointed some who had been waiting years for the moment. Let alone one fan who had made an entire website dedicated to tracking the prediction.
Calvin Ayre: From bitcoin to zero by 2019
Another laughable prediction comes from one of the more controversial characters in the industry. Calvin Ayre—a Canadian gambling mogul—rose to crypto infamy following his support of Bitcoin Cash, and subsequent lauding of BCH spin-off, Satoshi's Vision.
When he's not threatening to sue individuals for libel or touting Craig Wright's claim to the crypto throne, you can find Arye disparaging bitcoin. In a 2018 interview with the Express Ayre insinuated that bitcoin would "go to zero" in 2019 because of an apparent lack of utility.
“Bitcoin, the technology and economic model, are alive and well with Bitcoin SV (Satoshi Vision) and is going to have an amazing year,” Ayre boasted.
Arye has since been forced to eat his own ... words. The price of bitcoin remains above $7,500
Clearly he doesn’t have Satoshi’s vision.
Pomp it: All cryptos to moon by 2019
Perpetual bitcoin bull and crypto venture capitalist, Anthony "Pomp" Pompliano predicted a myriad of optimistic price points for multiple cryptocurrencies. According to a tweet posted back amid the rose-tinted bull run of 2017, Pomp foresaw bitcoin hitting $100,000, ethereum reaching 3,000, litecoin surging to $2,500, and XRP climbing to $10.
It would be great to say that he wasn't too far off, but that would be a complete and utter fallacy. Ethereum’s at $140, litecoin, $44, and the price of XRP just broke above 20 cents. Bitcoin hasn’t done too badly compared to the rest, but, at $7,550, it’s a long way off. Time to consign those predictions to the dustbin.
Mike Novogratz: Bitcoin price breaks $20,000 EOY
While most of these predictions were made among the hype and innocence of 2017, Galaxy Digital CEO Mike Novogratz offered his bitcoin price prediction mid-way through last year. Within an interview with Bloomberg Canada, Novogratz inferred that bitcoin could once again reach its all-time high of $20,000 as soon as bigger players jump in.
"I think these institutions kind of get excited again, maybe towards the end of the year or hopefully sooner, we push out of that range and we go back to the old highs of $20,000," he noted.
Alas, it wasn't to be, and rather than heading further north, bitcoin's price began its slow decline back down south. Perhaps the institutions didn’t want to make the little guy rich after all.
Tom Lee: Bitcoin to $40,000 by 2019
Our last price prediction comes from the industry's own Nostradamus, Tom Lee. Although his crystal ball has failed him time and time again, Lee has remained steadfast in his bullish bitcoin price predictions. The same goes for his 2019 price forecast, which doubled Novogratz's own prediction, placing BTC at $40,000 by the end of 2019.
Speaking to CNBC, Lee insinuated that FOMO—or the fear of missing out— would lead bitcoin past its all-time high and into greener pastures. Of course, much like many other predictors, Lee got caught up in the hype, and soon thereafter bitcoin started tanking. And with double the prediction, he got it twice as wrong.
So, bitcoin $80,000 by 2021?