John McAfee cancels his 1 million Bitcoin bet – Bitcoin is “ancient technology”

It’s one of the crypto industry’s running gags: Antivirus mogul John McAfee’s bet he’d eat his powers on live TV if Bitcoin was n’t $ 1 million by the end of 2020. Now, however, the controversial crypto personality suddenly appears to be betting on different digital horses.

Bitcoin – an “ancient technology”?

There were many million dollar price predictions for Bitcoin, but very few of them for 2020. Crypto warlord John McAfee made his prediction in mid-2017 when the price of BTC was $ 2,200.

if not, I will eat my dick on national television.

— John McAfee (@officialmcafee) July 17, 2017

Bitcoin prices have skyrocketed since then, but they’re still far from the predicted seven-digit numbers.

Yesterday, the frank cybersecurity boss explained in a tweet that the “1 million BTC by the end of 2020” bet was just a trick “to get new users on board.” That finally worked, the ex-entrepreneur said Alleged murderers.

McAfee adds: BTC is an ancient technology and compares it to the Model T, Ford’s first automobile.

“Bitcoin was the first. It is an ancient technology. Everyone knows it. Newer blockchains have privacy, smart contracts, distributed apps and more.”

Eat my dick in 12 months?

A ruse to onboard new users. It worked.

Bitcoin was first. It's an ancient technology. All know it.

Newer blockchains have privacy, smart contracts, distributed apps and more.

Bitcoin is our future?

Was the Model T the future of the automobile?

— John McAfee (@officialmcafee) January 5, 2020

Of course, the answers to this are a collection of what is often found on crypto-Twitter today: toxic tribalism.

A dispute over the merits of Ford’s first and current cars distracts a bit – from the crypto issue and JM’s seemingly sudden aversion to Bitcoin.

An interesting approach is that McAfee may not be giving up Bitcoin, as some have assumed, but that he believes privacy, smart contracts, and dapps are more relevant.

Although the platform was not mentioned directly, it seems clear that “newer blockchains” is about Ethereum: ETH is the current standard for smart contracts and dapps and has a larger community and more developers than any of its rivals.

McAfee mentions the privacy coin Monero, but it has also fallen out of favor worldwide in recent years. Unless you’re a hacker.

ETH vs. BTC – really?

There is no real competition here, as both crypto assets do completely different things. In addition, neither has been adopted as an alternative to Fiat so far.

Bitcoin has positioned itself as a safe haven and store of value, which has clearly shown in the past few days with its mirror of the gold and oil rallies on the escalating geopolitical tensions.

Ethereum is a platform for smart contracts and dapps that positions itself as the basis for decentralized financing (DeFi).

There is plenty of room for both.

John McAfee may have been able to save his Johannes by resigning his wager in a rather cowardly and unhealthy manner. However, he has undoubtedly lost a few crypto fans and a great deal of his already shaken credibility.