The bitcoin rate will increase to $1,000,000 in three years, as its price hit another all-time high at $11,000.

The computer programmer and notorious businessman John McAfee has doubled his forecast for the bitcoin price, claiming it could jump to $1,000,000 by 2020. If wrong, McAfee still is decisive to “eat his dick.”

Earlier, McAfee wrote in his twitter that bitcoin would rise to $500,000 by 2020, adding that he will eat his penis otherwise. This phrase of McAfee has since become proverbial, with many users in social media reminding to McAfee his promise whenever he makes any publication on bitcoin.

Though sounding too optimistic, McAfee's prediction met support from the bitcoin community.

"I'll say $1 million by 2020, as well, easily," James Altucher from Formula Capital said on CNBC.

According to Altucher, the bitcoin price is pushed up by the fact that the issuance of bitcoins is limited by 21,000,000 coins, while the number of persons, willing to buy it, is growing.

Currently, bitcoin is traded at around $10,000, down from the all-time high $11,300.