Earlier in the year, John McAfee bet the price of digital currency Bitcoin (BTC) would hit $500,000 (£369,550) by the end of 2020 or he would “eat his own penis” on live TV.
The entrepreneur has now doubled his price to $1,000,000 (£739,290) unprompted and reinstated the graphic forfeit.
On Twitter, he said: “When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017.
“BTC has accelerated much faster than my model assumptions. I now predict Bitcoin at $1million by the end of 2020.
“I will still eat my d**k if wrong.”
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The volatile price is standing at double his original value with the end of 2017 in sight.
Mr McAfee decided to take that as a cue to double his price and remind everyone of his terms, despite apparently standing to gain nothing from the bet.
The BTN price hit $11,000 (£8,170) earlier this week sparking fears of a bubble and even a mini crash with the value tumbling to $9,000 (£6,680) before rallying to around $10,700 (£7,900).
The price at the time of writing the price was $9834 (£7,242).
A former fund manager at Fortress Investment Group, Michael Novogratz, believes the crypto currency could easily reach $40,000 in 2018.
As Bitcoin hit its record high the phrase “buy Bitcoin with credit card” topped Google searches in several countries.
While world banking chiefs were forced to calm nervous investors on the possible dent the currency could make in the economy.
The Deputy Governor of the Bank of England claimed Bitcoin was not yet big enough to pose a threat to the global economy.
He said: “I would just say investors kind of need to do their homework”.
While the currency has enjoyed new highs in recent weeks it has been predicting millions of Bitcoin with a value in the billions have been permanently lost.
As many as 4million coins have been lost, according to research by digital forensics firm Chainalysis.
Blockchain Centre founder Martin Davidson said: “It’s very easy to lose crypto.
“If you lose the private key, because of the mathematics involved and the strength of the cryptographic system, which is what makes it so safe, it’s impossible to ever get it back.
“What’s commonly happened is people have just deleted the file from their computer — the text document that holds the private key.”
Bitcoin is stored in a digital wallet which has a public address and a private key, if you lose the key it is impossible to access the wallet and get your hands on the valuable currency.