Neither of these. Even worse, variations
such as Machu Piccu, Machu Piccha, Macho Picho or Matchu
Pitchu: Culture of Machu Piccha, for example, just to
mention a quite frequent phrase, is a huge spelling
mistake.
The correct name of the Inca ruins
is Machu Picchu, which means Old Summit
in Quechua, the original language of the Inca culture.
Quechua is largely spoken today throughout the Peruvian
Andes, specially in Peru's south.