Three bitcoin price forecasts that didn’t come true

3 min readMar 29, 2022

Many experts spoke about the prospects for the growth of the main crypto coin, as well as about its fall. Someone prefers to do it with caution, without reference to specific dates. But some crypto enthusiasts have previously voiced rather bold predictions that have not justified themselves.

One such expert was John McAfee, the founder of McAfee antivirus, who died under strange circumstances in June 2021 in a Spanish prison. In mid-2017, the entrepreneur stated that in 3 years the value of BTC would reach $500,000. In another tweet, McAfee promised to “eat his dick on national television” if his prediction turned out to be wrong. And exactly three years later, Twitter users reminded the eccentric entrepreneur of the earlier promise.

“Time is up,” wrote Coin Center PR director Nirai Agrowal.

The founder of McAfee responded in his trademark style, calling the opponent an idiot and emphasizing that he meant the end of the year.

“It is well documented that I will eat my dick on December 31, 2020 and not in July. Google your bet. “In three years” referred to this date. Will I eat it? Do not doubt! Me or possibly a subcontractor,” McAfee wrote.

However, the promise was not destined to come true. In October last year, John McAfee was arrested in Spain, from where he was scheduled to be extradited to the United States. The US Department of Justice has published information that the founder of McAfee is accused of tax evasion and filing tax returns. And on June 24 of this year, the media reported that McAfee was found hanged in a prison cell in which he awaited extradition.

On May 29 last year, crypto analyst and trader analyst Credible Crypto tweeted that BTC would rise to $100,000 in the near future.

“The last 896 days since the collapse of bitcoin in 2017 have become a stage of redistribution of assets for the cryptocurrency. This period is coming to an end, and soon the market value of BTC will exceed $100,000,” said the crypto enthusiast.

But Credible Crypto was wrong. Bitcoin indeed rose in price significantly in 2020 — by 300%, but has not reached the six-figure mark. At the end of 2020, BTC broke the price record set at the end of 2017, breaking $20,000.

And the third person whose forecast regarding the growth in the value of the first crypto coin did not come true was the head of Pantera Capital, Dan Morehead. At the beginning of last year, he stated that the price of BTC would reach $115,000 by that August. The CEO of a cryptocurrency hedge fund noted that bitcoin has spent three years well below its long-term growth line and is still not an overvalued cryptocurrency.

“Six months ago, Bitcoin’s market cap was the same as L’Oreal Cosmetics. Now it has overtaken Facebook. This is a huge difference in market perception,” said the head of Pantera Capital.

Pantera Capital’s CIO Joey Krug backed Morehead, stating that “it’s not at all what it is in 2017.” In his opinion, the lion’s share of the projects of that time were “just an idea on paper.”

The Pantera Capital CEO’s forecast also turned out to be wrong. In April of this year, the main cryptocurrency updated its historical maximum, reaching the level of $62,700. This happened against the backdrop of information that Tesla has invested $1.5 billion in bitcoins.