It’s time to count down the biggest Bitcoin price betting fails of all time. We’re calling them bets rather than predictions because let’s be honest, any Bitcoin enthusiasts reading the latest prediction headlines is probably putting money into the market betting that it will go up or down and be a profitable endeavor for them. That’s not an idea exclusive to Bitcoin. Ask any investor whose lost money in any market and they’ll be tempted to tell you that investing might as well be gambling.
Let’s dive deeper into these predictions gone wrong shall we?
The Biggest Bitcoin Price Bet Fail of All
The number one spot has to go to the founder of McAfee antivirus software himself, John McAfee. Back In July of 2017 just before the largest Bitcoin price bubble in the history of the technology saw the price skyrocketed, McAfee infamously tweeted that if the price didn’t hit $500,000 by the end of 2020, he would eat his own… appendage shall we say? He originally made that prediction when the price of bitcoin was well under $5,000. Even though the current price stands at over $7000 U.S., odds are McAfee better get ready for a tasty meal. The fact that he said it was silly. The fact that he doubled down on his offer by saying he would do it on national television is just crazy.
Fundstrat Founder Predicts $25,000
Thomas Lee is the founder of Fundstrat, an investment firm with $5.1 trillion in assets under management. He once predicted a bitcoin price of $25,000 by the end of 2018. Instead of a bullish market sentiment taking over and sending the price to the moon, the Bears won and the price dipped to $3,700 U.S. while Bitcoin enthusiasts are definitely happy that Lee is still bullish on the technology, it’s safe to say his production was way off. Thank goodness he didn’t bet on any crypto specials through a cryptocurrency sportsbook.
Bitcoin Will Go to Zero
Joe Davis is the chief economist of Vanguard, one of the most well-known investment firms in all the world. It’s a firm that runs many of the top index funds in the entire investing sector. He once said that the underlying principles of Bitcoin have zero fundamental value and that central banks would be the biggest threat to Bitcoin. While Bitcoin’s price has been slumping over the last few months, it’s still worth twice what it was when Davis made his horrible bet.
A Bad Bet from a Betting Mogul
Gamblers who frequent BitcoinGG are probably aware that the betting site Bodog (originator of the popular Bovada brand) accepts Bitcoin. What they may not know is that the owner of Bodog, billionaire Calvin Ayre actually doesn’t believe in the project had all. Like the other people on this list to think that Bitcoin will one day be worth $0, Ayre too believes that Bitcoin has no fundamental value.
While he certainly smart businessman as any billionaire would be, Ayre’s prediction should be taken with a grain of salt. Not because he doesn’t know anything about Bitcoin. He actually knows a lot. He happens to own the website coingeek.com. But the reason his prediction raised some eyebrows is because he’s a big supporter of the project Bitcoin SV. The SV stands for Satoshi’s Vision. Ayre and many others believe that Bitcoin SV and its coding structure is more in line with the original intentions of Bitcoin’s anonymous founder, Satoshi Nakamoto.
Ayre is so big on the project he actively promotes it on his own corporate website and he joined a group trying to patent the project as their own.
$250,000 or 10 Bitcoins
Tone Vays is a Bitcoin social media influencer and a former investment manager at Bear Sterns. In March, he put a bet on the table for any takers promising that the Bitcoin price will plunge below $2,000 by 2024. He’s willing to give the first person to take the other side of that bet $250,000 if he’s wrong. But if he is right he wants 10 Bitcoins. Considering bitcoin’s supply cuts in half in 2020 and halves again in 2024, the cards are clearly stacked against Vays.
There it is, some of the worst Bitcoin prediction bets that have taken place over the last year and a half. Don’t be too hard on these guys though, they are not the only ones to make foolish predictions. Even the greatest investor of all time doesn’t believe in Bitcoin.
Warren Buffett has been saying for years that Bitcoin has no fundamental value. He might be right and only time will tell which side wins out in the long run, but both Buffett and the other people in this list may not live long enough to find out. Bitcoin will always have people investing in it. It’s hard to imagine that it will ever be completely worthless.