Bitcoin

Altcoin Enthusiast John McAfee Says Bitcoin is the True ‘Shitcoin’

In a tweet posted yesterday, Altcoin enthusiast and eccentric anti-virus mogul John McAfee criticized Bitcoin and called it the ‘true shitcoin’.

He added that Bitcoin was an ‘old’ technology which lacked the key features pertaining to security, DApps and smart contracts that other cryptocurrencies can boast of.

This is not the first time that McAfee has criticized Bitcoin. Earlier this month, the crypto pundit stated that while Bitcoin may have been the first, it could only be considered an ancient technology today. “Newer blockchains have privacy, smart contracts, distributed apps and more,” he added, comparing the crypto to Ford’s Model T.

McAfee’s anti-bitcoin tweets took the crypto community by storm as the controversial tycoon did a 360 from his infamous $1 million Bitcoin price prediction.

In an interview with Forbes, the crypto expert defended his bold prediction that Bitcoin would hit a value of $1 million by the end of 2020 on the basis of the cryptocurrency’s capped supply. McAfee argued that if Bitcoin accounted for even 5 percent of the world’s total financial transactions – and he was confident that it will – then one Bitcoin would be worth $10 million.

Based on this logic, McAfee added that his prediction was in fact fairly conservative.

However, he now believes that Bitcoin is not where the future lies. Instead, the software pioneer is now an altcoin proponent and has spoken in favor of several alt cryptos like Docademic and Apollo Monero.

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Mahima Duggal

Mahima Duggal has completed her MA in International Security from the University of Warwick (UK) with distinction. She also holds a BSc (2:1 Honours) in International Relations from the London School of Economics and Political Science (LSE). She is a trained journalist who has completed an undergraduate degree in journalism and public relations from the University of Newcastle in Australia. Mahima's research interests involve technology, cyber security, human rights and international development. She follows all things crypto and strongly promotes the use of blockchain technology for social change.
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