Anyone that’s been in the cryptocurrency market for a while understands how unpredictable the prices can be. It is one of the major reasons that’s hindering the mass adoption of cryptocurrencies as most investors do not have the heart to invest their money into something that does not guarantee returns. Even though market experts make forecasts now and then that at times come to pass as predicted, the market remains highly unpredictable.
The awaited Bets:
For McAfee, Jimmy Song and Joe Lubin, they have decided to take their market predictions to the next level by betting heavily on what will happen in the market in the future. Their cryptocurrency bets have the whole world eagerly waiting to see what transpires.
In 2018, Jimmy and Lubin placed a bet against Ethereum’s DApps performance in the future. Their bet’s value is over $500,000. Lubin initiated the bet by stating that he was willing to bet any amount of BTC; stating that Ethereum’s DApps would achieve a non-trivial number of users in less than five years. The terms of their bet will require Song to pay Lubin 810.8 ETH if Ethereum achieves that performance, but if not, Lubin will have to pay Song 69.74 BTC.
For Lubin to come out victorious, there have to be five decentralized apps from Ethereum that record 10,000 and above daily users plus 100,000 monthly users for a period not less than six months. These terms have to be met before or on the 23rd of May 2023.
Another infamous cryptocurrency bet is the McAfee’s bet on Bitcoin’s price. John McAfee, who has been a controversial figure in the cryptocurrency market, predicted that Bitcoin’s value would be $1,000,000 by December 31st, 2020.
The Bet is rather ticklish as he promised to eat his barbequed genitals on national television if Bitcoin does not hit $1,000,000. An anonymous web developer went ahead to develop a countdown website for the eagerly awaited ‘Dickening’ day; and according to it, it is only five hundred and thirty-one days to go.
For McAfee to still own his genitals on January 2021, Bitcoin has to grow at a rate of more than $1,800 every day for it to hit his prediction by December 31st, 2020. At the time of writing this, Bitcoin’s value is at $10,673; which means it has added an additional $98,327 for it to get to $1,000,000. This bet seems mathematically impossible considering the current price swings that Bitcoin is undergoing.
However, we will have to wait for the 531 days to see who regrets the bet, will it be McAfee or the investors that failed to heed to his prediction. Either way, of the two cryptocurrency bets, I still think McAfee’s bet has the wrong item as collateral.
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