Skip to main content

John McAfee: Bitcoin Is Ancient Technology, As Ford Model T For Cars


American entrepreneur and controversial crypto figure John McAfee, who boldly predicted that Bitcoin would be valued at $1 million by the end of 2020, has openly lashed out on the leading cryptocurrency, referring to it as an ancient technology due to several limitations. This comes as a blow, considering that he was one of the biggest promoters of Bitcoin and crypto in general over the last few years.
McAfee believes that being the first blockchain to exist does not make Bitcoin the “future.” In his opinion, there are newer blockchains with enhanced features that solve the flaws of the Bitcoin blockchain, just as the Ford Model T automobile of 1908 was replaced by more sophisticated cars.
The 74 years computer programmer and billionaire has always been an advocate of decentralization and privacy. In fact, he has spent a great deal of time on the run while preaching against central authorities like government, and as such, privacy is a big concern for him, one of the features which he believes bitcoin lacks.
“Bitcoin was first. It’s ancient technology. All know it. Newer blockchains have privacy, smart contracts, distributed apps, and more,” McAfee said in a tweet.
McAfee claimed that Bitcoin is only good at being a store of value and cryptocurrency, and nothing more. Besides, McAfee called the community to spend their bitcoins; otherwise, adoption won’t come true.

Bitcoin at $1 Million? Only a Ruse
McAfee is famous for his outrageous prediction that Bitcoin’s value would hit $1 million by the end of this year. He even went on to place a bet that he would eat his private part on national TV if the prediction does not come true, and many crypto enthusiasts are eagerly waiting for the event to happen in the next 12 months.
Although McAfee had stood firmly by his prediction on many occasions, including our interview with him from recent October, he said today that the $1 million bitcoin price prediction was only a trick to attract more people to the crypto space.

Comments

Post a Comment

Popular posts from this blog

Legendary Rock Star Gene Simmons Buys Cardano (ADA) Worth $300,000

Famous rock star Gene Simmons continues his cryptocurrency adventure, this time investing $300,000 in Cardano (ADA). Gene Simmons, the legendary KISS bassist, has made another dip into cryptocurrencies. The famous musician has expressed his belief in Cardano, presuming 2021 would be “the most productive year” for the altcoin. Believing in the Future of Cardano Rock star Gene Klein, aka Gene Simmons, has appeared in online social media with yet another pro-cryptocurrency commentary. This time KISS’s legendary bass guitarist has expressed his opinion on Cardano and its native digital coin ADA. In his  recent publication  on Twitter, Simmons explained one of his fundamental personal reasons for  investing  and holding the altcoin. The musician pointed out that he believes in Cardano because of Hoskinson (Charles) – Cardano’s creator and co-founder of Ethereum. In his tweet, the musician expressed his trust in the altcoin hopping on Hoskinson’s envision that 2021 would b...
Post a Comment
Read more

Bitcoin Hash Rate Hits All-Time High: Here’s How It Works And How It Affects The Price

Bitcoin intelligence, data, and analytics firm Glassnode found the Bitcoin hash rate hit a new all-time high over the weekend, ten days before the Bitcoin halving event. In other words, miners are putting more computational power into maintaining the Bitcoin network. Because miners must venture electricity and capital intensive computer processors to mine Bitcoin, the increase in hash rate is a bullish sign. It means miners are after the Bitcoin rewards they get from maintaining the network. And they’re venturing the resources to go after those rewards. Is The Bitcoin Hash Rate Correlated With The Price? In general, the Bitcoin price and the hash rate are not correlated. The price is what buyers and sellers agree to pay for one Bitcoin, and there are many factors – external and internal – affecting the price. However, there is a relation between the two. While the price goes up, it’s more profitable to mine, which likely to cause more miners to turn on their mining equ...
Post a Comment
Read more
  First US Stimulus Check Now Worth Almost $9,000 if Invested in Bitcoin If American citizens used their $1,200 stimulus checks to buy BTC in April 2020, they would have seen a return of over 620%. A bitcoin investment worth $1,200 following the first stimulus checks sent by the US government in April 2020 would have skyrocketed by more than 600% until today to over $8,500. Although this is a spectacular growth for less than a year, the same investment put in Ether would have presented an even better ROI of over 1,000%. Option 1) Stimulus Put In BTC The US government initiated a drastic measure last year to sent stimulus packages to its citizens following the COVID-19 pandemic, which caused numerous disruptions to people’s lives, businesses, and personal finances. Following the initial deal that then-President Donald Trump signed, the Federal Reserve sent out checks worth $1,200 to every adult making below $75,000 per year. The first  reported  cases of people receiving t...
Post a Comment
Read more