Cryptocurrency

Is McAfee Shifting from Bitcoin to Other Cryptocurrencies?

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Computer scientist and anti-virus pioneer John McAfee used to be one of the foremost Bitcoin advocates and was also among the firsts to predict the $1 million price for Bitcoin. However, in the past few weeks, McAfee has given a bit of different opinion about Bitcoin.

Moving further, McAfee retweeted his old video from 2015. As he admits, he was the CEO at the time of MGT, the then second-largest Bitcoin mining company in North America. In the video, McAfee can be seen pouring praises on Bitcoin, after sharing a few points on mining algorithms. Interestingly, McAfee asked in the tweet to replace the term “Bitcoin” with “Cryptocurrency” in the video.

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The shifting tales of John McAfee began late last year, soon after he launched the decentralized crypto exchange McAfee DEX. Since then, McAfee seems to be backing off from his previous $1 million predictions, and it is only becoming evident by the day that the computer scientist no longer supports the apex cryptocurrency. Interestingly, as recently as last October, McAfee was strongly stuck to his claim.

Bitcoin Bubble Busted?

Bitcoin was considered to be one of the most lucrative assets, and traditional novice investors considered it to be a tool to make huge profits in minimal time. This could probably be one of the reasons why Bitcoin peaked at a jaw-dropping $20,000 odd in December 2017. Meanwhile, many investors made 50k Dollars a Week from Bitcoin Trading. However, prices nosedived throughout 2018, and the markets remained stagnant for most of last year. This made the world realize that cryptocurrencies are not just to make profits but to facilitate a decentralized monetary system. Demand for utility token has risen and continues to do so to date, which makes Bitcoin just a store of value. This is one of the reasons why Bitcoin could soon become saturated and possibly we could witness a rise of altcoins.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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