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29 May 2020
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Bitcoin Is ‘Worthless’ Says John McAfee

Eccentric cybersecurity entrepreneur John McAfee has bashed bitcoin claiming the flagship cryptocurrency is “worthless,” even though he had predicted it would reach $1 million by the end of this year, before calling off his prediction.

On social media, McAfee responded to a user who said he believes the cybersecurity expert was only followed because of his bitcoin price prediction, to which McAfee responded bitcoin is “worthless.”

In response various users criticized McAfee for past predictions he got wrong – including for various altcoins – while others tried to defend BTC has value. McAfee is well-known in the cryptocurrency space for a famous $1 million bitcoin price prediction.

On social media, the eccentric entrepreneur initially claimed, in July 2017,  the price of one bitcoin would be above $500,000 by the end of 2020. In November ,when the price of bitcoin was moving toward its $20,00 all-time high by December 2017, McAfee said he predicted the $500,000 mark based on “a model that predicted $5,000 at the end of 2017.”

As such, he revised his prediction to say BTC would hit $1 million by the end of 2020. I January of this year, after the cryptocurrency endured an year-long bear market and subsequently failed to recover to its previous all-time high, McAfee claimed the prediction was a “ruse to onboard new users” and dropped the prediction.

In a tweet revealing the “ruse” McAfee claimed bitcoin is “ancient technology” as newer blockchains have “privacy, smart contracts, distributed apps and more.” McAfee would later on criticized the flagship cryptocurrency, calling it “old” and “clunky.” Per his words, bitcoin is the “Hotmail of crypto.”

Notably billionaire Chamath Palihapitiya, the CEO of Social Capital, has recently argued that the price of bitcoin may increase significantly over the next decade to reach $1 billion per coin.

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