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McAfee Comes Clean on His Statement of Bitcoin, in Wake of His 'Dickening'

In recent news, John McAfee appeared to have retracted his previous statement regarding Bitcoin, now claiming he never believed that Bitcoin would hit $1 million dollar in pricing.

McAfee Knows It All for Bitcoin

The founder of one of the world’s top cybersecurity companies, McAfee Associates, predicted confidently in June 2017 that crypto’s top digital asset, Bitcoin (BTC), would hit a $1 million dollar per Bitcoin pricing by the end of the year 2020. He backed his claim by pointing to BTC’s supply, which caps at $21 million tokens, as well as the logic behind supply and demand of the digital asset, in wake of 7 million Bitcoins currently being lost and making the crypto asset scarcer to get a hold of.

At the time, McAfee criticized crypto investors on their negativity regarding BTC, taking to his social media platform and tweeting:

“Bitcoin is at the mid 10’s and people worry. LMFAO? Why do you pay attention to the weekly fluctuations? […] It’s rising drastically. I’m still positive about my $1 mil BTC price by the end of 2020.”

At the time of recording, BTC had lost 9% that week and was trading a bit above $10,300 on the crypto market.

On June 2017, McAfee also furthered his claims and publicly declared that he would “eat his own dick on national television” if Bitcoin did not hit $500,000.

Will McAfee “Eat His Own Dick” in 2020?

Currently, BTC is estimated to be priced at around $9,130 on the crypto market. The digital asset’s price must increase by more than 5,376% in order to meet McAfee’s prediction.

When questioned about the $1 million dollar per BTC topic, McAfee was quick to point out that it was all a ruse and that his bet was not set to be for July 2020, but rather, for the end of the year- December 2020. He quoted a website that was dedicated to his bet, called Dickening.com, and proceeded to tweet that he never ever believed that BTC would hit $1 million dollar in pricing. He said,

“My Bitcoin bet date has always been Dec 31st 2020 (see link). When asked in July if I was going to eat my dick in three years I naturally said yes. Didn’t mean in July for f**** sake! Did I believe that number? Of course not! But I’ll still eat my dick. Just wait.”

Rather, he reiterated that he just wanted to eat his dick on national television and that he stood by his bet, in that sense. McAfee stated that Bitcoin was also worthless and that he never believed in it:

“Not going to get out of it. I never believed Bitcoin would hit $1 mil. It’s absurd. Ir’s an old, tired, worthless coin. I just wanted to eat my dick on TV. Wait for it.”

The founder of the Device-to-cloud cybersecurity company McAfee also allegedly claimed that his famous 2017-million-dollar Bitcoin price prediction was simply a ruse to gain new users. The eccentric crypto investor is known for his outrageous claims.

Bitcoin investor and host of the Keiser Report Max Keiser was quick to call McAfee out on his bluff, stating sarcastically that John McAfee was currently busy honoring his bet – to bite off his dick. The famous host quipped at the McAfee CEO by tweeting that the latter must be in the hospital currently recovering from “biting off his dick,” since “Bitcoin wasn’t at $500, 000.”

What’s in the Gift Box for Christmas?

For McAfee to get away with this one, BTC price would have to gain at least 10,000% by the end of the year.

Warren Buffett Ditches US Dollar, Bitcoin Price Set to Soar

As the US dollar keeps plummeting, Max Keiser revealed that Warren Buffett has moved his assets out of the US market, an investment strategy that the Keiser Report host says will set the tone for Bitcoin’s next surge.

Warren Buffett exits USD

Warren Buffett has invested in the Japanese market, buying a 5% stake in each of Japan’s five biggest trading houses. The investment move by the Berkshire Hathaway CEO totaled over $6 billion and comes at a time when the US dollar keeps dropping. The US Federal Reserve also recently disclosed in a meeting that the central bank is prepared to let inflation rise above the 2% target as a temporary relief measure. Since then, the US dollar has dipped and is not showing signs of recovery anytime soon, a move that Buffett has seemingly forecasted, according to Max Keiser.

Speaking about his new venture in the Japanese market, Buffet disclosed in a statement shared with Reuters and expressed his sentiment regarding the investment:

“The five major trading companies have many joint ventures throughout the world and are likely to have more. I hope that in the future there may be opportunities of mutual benefit.”

Buffett’s exit from the US dollar and into Japanese assets may seem as a surprise to many market bulls, as trading houses have not been much of an investor favorite. However, ditching the world’s reserve currency should not come as a shock, since Warren Buffett had warned investors previously that the US stock market was on the verge of bubble territory. This has also been determined by the Buffett Indicator, which divides the Wilshire 5000 Index with the annual gross domestic product (GDP) of the US.

The Buffett Indicator is predicting that there will be another stock market crash, and market investors such as Jim Rogers have echoed the sentiment by pointing to the depreciation of the dollar as a result of mass currency printing by central banks to stimulate economies worldwide during COVID-19.

Buffett believes in gold

Buffett, who has previously called gold a “non-productive asset,” had also taken investors by surprise by making investment changes and buying a stake in Barrick Gold Corp. The renowned investor has been critical of gold beforehand but has seemingly shifted his views regarding the asset, with the price of gold surging this year by almost 30%.

Buffett investing in gold may mean significant things for the traditional safe-haven asset, as institutional investors will likely follow.

What does this mean for Bitcoin?

With Buffett shifting his assets out of US markets and the US dollar greatly depreciating with the Federal Reserve mass printing stimulus money, investors have also taken to Bitcoin (BTC) as a hedge investment, a move that Warren Buffett has adamantly said he will not do. However, with the stock market predictions given by the Buffett Indicator, Bitcoin may be heating up for another price run. The digital asset, often coined “digital gold,” had surged past the $12,000 point in July after breaking its resistance level at $11,800 and has been on the radar of many investors, as the US dollar keeps weakening.

Bitcoin pioneer Max Keiser has publicly declared that the US dollar is getting so weak that even Warren Buffett is getting out, and this move will only pave the way for Bitcoin’s next price run. Keiser tweeted:

“Buffett’s move into Japan, along with his GOLD investment, confirms he’s getting out of $USD BIGLY. $USD is trending lower today, about to break key support. Bitcoin, Gold, and Silver will all make new all-time highs in the near term.”

The Bitcoin price is currently hovering around the $11,600 mark, at the time of writing.

Max Keiser Expects Other Enterprises to Acquire Bitcoin Following MicroStrategy’s Lead

Bitcoin maximalist and prominent RT television anchor Max Keiser believes that big companies and corporations will go all-in and invest big in Bitcoin as they will follow MicroStrategy’s approach.

Max Keiser has praised MicroStrategy for turning bullish on Bitcoin and believes that other major enterprises will follow suit.

Keiser said that shareholders of other big firms and corporations will now follow suit to convert their cash reserves into Bitcoins just like billionaire-dollar public company MicroStrategy and Canadian restaurant chain Tahini’s have already converted their reserves into the world’s leading cryptocurrency.

Big Companies Find Bitcoin

MicroStrategy, the Nasdaq-listed business intelligence company, has become the first publicly-traded company to purchase Bitcoins as part of its capital allocation strategy. On August 11, the company announced that it has bought 21,454 Bitcoins worth over $250 million, an incident that made headlines in the mainstream media and crypto community. The company decided to acquire Bitcoins as a way to avoid inflation. Again, on September 15, the company announced that it purchased another 16,796 Bitcoins, adding to the 21,454 it bought last month. MicroStrategy mentioned that Bitcoin serves as the company’s primary treasury reserve asset, saying it positions Bitcoin purchase as a hedge against inflation.

Max Keiser has recently tweeted that shareholders will now demand that their companies and corporations to begin acquiring Bitcoins with their spare cash.

In fact, Keiser was commenting on a tweet posted by the Tahini’s Canadian restaurant chains that recently has already converted all of its cash reserves into Bitcoin.

On August 19, Tahini’s restaurants announced that it converted their entire fiat cash reserves into Bitcoin. The restaurant’s decision to convert its reserves into the leading cryptocurrency originated from the March’s economic crash due to the COVID-19 crisis. During that time, the Canadian government began providing assistance programs for businesses unable to operate their businesses because of the coronavirus pandemic.

Many businesses were adversely affected, including the worst-hit industries like the food and hospitality industry. Tahini’s was adversely affected, a situation that forced the restaurant to lay off a big number of its employees. Since the laid-off workers were obtaining assistance from the government than what the restaurant could pay, most of these workers did not turn up for work. The stimulus programs made employees have a lot of money on their pockets. The situation made Tahini’s owner and CEO, Omar Hamam, to think that fiat money could become worthless if everyone has cash in abundance.

With the American and Canadian governments printing money to save their economies from the COVID-19 pandemic, Omar Hamam started thinking that significant fiat currency devaluation would soon occur. Hamam, therefore, decided to embrace Bitcoin as a suitable hedge against the devaluation of fiat currencies, which is likely to follow as Fed and other central banks are increasing fiat money supplies at an unprecedented rate.

Today, Tahini’s restaurant has posted a comment on its Twitter page, saying that big companies like Google, Apple, as well as big personalities like Jeff Bezos, Elon Musk, and the pro-bitcoin Twitter CEO Jack Dorsey would follow Tahini’s and MicroStrategy in converting portions of their spare cash into Bitcoin.

Bitcoin as Inflation Hedge

High-profile investors are worried that the Coronavirus stimulus from central banks and governments would eventually drive up prices. In order to hedge against the inflation risks, several billionaire investors are acquiring Bitcoins. For example, billionaire hedge fund investor Paul Tudor Jones recently revealed that Bitcoin is part of his portfolio. Global Macro investor CEO Raoul Pal also said that he has put Bitcoin as a portion of his assets to serve as an inflation hedge. Many other investors have also invested in Bitcoin to cover themselves against inflation.

Bitcoin is now the most preferred asset to own among institutional investors. MicroStrategy has set a good example, and global companies would consequently move to acquire Bitcoin to hedge against inflation.