Almost everyone in the world knows by now that John McAfee is quite bullish on cryptocurrencies. More specifically, he made some interesting price predictions which will either come true or force him to eat his male parts. For the time being, McAfee advises everyone to “calm down” during the current bear market, as things will eventually bounce back. That’s solid advice, but most veteran cryptocurrency traders know all too well that these dips occur every single year. There is absolutely zero reason to be worried about the markets right now.
Solid but not Exceptional Advice from John McAfee
It is never fun to see the cryptocurrency markets collapse in a matter of two days. Going from a combined total market cap of over US$730 billion all the way down to the low US$400 billion range was certainly an interesting experience. Most people hope they will never live to see it happen again, but rest assured January 2018 will bring us more of the same. After all, such dips can be found on every chart when looking at January of a specific year. As to why this keeps happening, the opinions are somewhat divided right now.
John McAfee is a valuable voice of reason when market dips like this one occur. He immediately took to social media to calm everyone down. It was a noble gesture, even though the message has probably fallen on deaf ears. After all, the markets remain in a very uneasy state days after the fact. It is doubtful any statement made by John McAfee will change that all of a sudden. New cryptocurrency users tend to panic when things like these happen because all they see is the short-term price change.
When looking at the bigger picture, however, the recent market dip is nothing to be overly concerned about. The industry’s total market cap is 34 times higher than it was at the start of 2017. Although we had a crazy end to 2017, a lot of the year’s gains were subsequently wiped off the table. That was rather interesting, but not entirely unexpected. There is still plenty of dumb money in crypto, as people tend to invest in currencies that are worth pennies in the hopes of striking it rich. Very few of these projects have any real-life value, though.
Everyone Relax! The Crypto dip was caused by Mike Bell of JP Morgan claiming Governments could ban cryptocurrencies. Well … how? This is the same company that called BTC a fraud. It's a bank FFS. They are rightfully terrified of what we are doing. But it can't be stopped.
— John McAfee (@officialmcafee) January 16, 2018
According to John McAfee, the recent cryptocurrency dip was caused by Mike Bell of JP Morgan Chase. Bell claimed that governments could ban cryptocurrencies. It is evident that such statements are false, as no one can tell people not to use or trade cryptocurrency. Moreover, Bell works for a company which called Bitcoin a fraud, even though Jamie Dimon was forced to swallow those words less than a month later. The conflicting opinions on cryptocurrencies are certainly out there, but not everything is true.
John McAfee is extremely confident that his Bitcoin price prediction of US$500,000 per BTC will hold up. At the time of writing, one BTC was valued at US$11,800, indicating there is still a very long way to go. Moreover, McAfee isn’t too concerned about any cryptocurrency-related taxation guidelines either. In his humble opinion, this is the “problem of the government and not mine”. It’s a very true statement, although it once again echoes something everyone with a brain should know by now.
It will certainly be interesting to see what the future holds for all cryptocurrencies. Nothing has changed in recent months, other than Bitcoin becoming slower and even more expensive to use. Other cryptocurrencies have emerged, although virtually none of them have any real-life use cases right now. The markets have not behaved rationally for quite some time now, nor will they in the future. One thing’s for sure: John McAfee remains bullish and will continue to promote whatever currency can make him quick money.