Bitcoin has been going through a bit of a roller coaster, and the price has started to slide down after Trump‘s tweet about Bitcoin and crypto. Trump stated that he doesn’t like Bitcoin and other cryptocurrencies because they “are not money, and whose value highly volatile, and based on thin air”. This has got the market worrying. Bitcoin‘s volatility continues, as the coin closed at the lowest on Sunday since June 23, at $10,234. But John Mcafee, the erratic billionaire who has predicted bitcoin will reach million dollars by 2020, seems not to care at all.
Standing firm on prediction
In a recent tweet, Mcafee has come out supporting his previous claim of Bitcoin reaching a million, at a time when most analysts are skeptical of Bitcoin’s price. In the tweet, he said, “Bitcoin is at the mid 10’s and people worry. LMFAO!! Why do you pay attention to weekly fluctuations? Look at the past few months FFS! It’s rising drastically”. Mcafee has always maintained a similar attitude of not giving much thought about short term market trends. He continued the tweet with the following statement, “I’m still positive about my $1 mil BTC price by the end of 2020”, which kind of seems counterintuitive given the current events. “Altcoins like MTC and Apollo will rise ten times more.” The tweet ended with this prediction.
In a recent interview with Cointelegraph, McAfee predicted that 10 years from now, “there’ll be no fiat anywhere in the world […] everything will be cryptocurrency.” Being a libertarian, Mcafee hates the government and its control and has always advocated against any and all kinds of regulation regarding crypto. Mcafee has taken libertarianism to a whole new level by openly declaring that he will not pay taxes, and is seeking a presidential nomination from the libertarian party. He has come up with an explanation stating that he refuses to pay taxes based on ideological reasons. But his war with the IRS (Internal Revenue Service) has forced him to take up exile in Cuba. There, he has offered to build a crypto solution for the Cuban government to circumvent US sanctions.
Nonetheless, it was expected that Trump’s remarks would have an effect on the market, which they apparently have. The next couple of days will make it more apparent how serious the market has taken Trump’s remark, and if Mcafee’s reassurances can help the market swing back. Another thing to watch out for in the list of things that will affect the market is the bill proposed to stop Libra. This will be a serious market mover in the short term. Even though Mcafee is an outspoken eccentric billionaire who is currently in exile, let us all hope that his prediction comes true for the sake of crypto.
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