McAfee is backing off Bitcoin: Is there truth to the speculation?

McAfee is backing off Bitcoin Is there truth to the speculation

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John McAfee, the founder of McAfee Associates and a computer scientist, was one of the most prominent advocates of Bitcoin. However, in the last few weeks, it’s probable from observations that McAfee is backing off Bitcoin and jumping to other cryptocurrencies.

McAfee was one of the very first people who were bullish about bitcoin and said that bitcoin will cross the $1 million mark soon. When still the Chief Executive Officer of MGT Capital Investments, he gave an interview in which he heaped praises on Bitcoin and shared some tips on mining. MGT was the second-largest Bitcoin mining company in 2015. Recently, he retweeted that video in which he said that

Nothing has changed. Just replace Bitcoin with other cryptocurrencies. There are plethora of options now.

McAfee is backing off Bitcoin

This all began when McAfee launched his own decentralized cryptocurrency exchange called McAfee DEX. However, now McAfee is backing off Bitcoin and from his predictions and speculations that he made earlier. He believes that there are many other options to bitcoin now that are much better.

Bitcoin is considered to be one of the most profitable assets in this decade. People have been heavily investing in Bitcoin ever since it struck the $20000 mark in 2017. Bitcoin bubble burst in 2018 when the prices dived down but people invested in other cryptocurrencies. The demand for altcoins has risen ever since. It is also predicted that Bitcoin will saturate in the coming years.

A ruse supporting McAfee DEX?

Yesterday Bitcoin exceeded the $10000 mark for the first time after October 2019. This has raised a lot of speculations about its further rise. Several crypto experts have given their opinion that Bitcoin will rise to $100,000 by the end of 2021. People are very bullish about Bitcoin’s meteoric rise in the coming years. 

However, some say that McAfee’s bearish views on Bitcoin are to support his exchange and encourage others to invest in other cryptocurrencies as well. His recent tweet caused disappointment and some anger from BTC supporters.

mcafee is backing off bitcoin

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Mihir Sharma

Mihir has always been attracted to finance, crypto, and blockchain. His Chemical Engineering background gave him the edge to make his news reports precise and concise. Leveraging his stint with English Forward News, he looks forward to his next adventure in the cryptosphere.

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