John McAfee predicts bitcoin bull market is coming
The bitcoin bulls are back as the bitcoin makes headway this week soaring to $7,386 on Tuesday. John McAfee, cybersecurity pioneer and infamous bitcoin bull tweeted on Wednesday about bitcoin’s $1,000 increase as a sign of a coming bull market.
A sentiment echoed by billionaire, Marc Lasry, who predicted bitcoin would hit $40,000.
Bitcoin – $1,000 increase in one week. Is this the bull market? I have no clue. 10 such increases in succession and I will consider it Bull. In the meantime, know this: The Bull Market IS coming. And when it does, it will make the eruption of Krakatoa seem like a Meerkat's burp.
— John McAfee (@officialmcafee) July 18, 2018
McAfee envisions a seismic change when the bull market eventual erupts (caveat emptor is for 10 similar increases in the digital currency first). Similar to the singular prediction in November of 2017 that bitcoin would be worth $1m by 2020. He’s not alone in grand visions for bitcoin, speaking on CNBC’s Squawkbox on Tuesday, Avenue Capital Group co-founder, Marc Lasry saw a bitcoin price of $40,000.
Still akin to wild, wild west
Why and what are the predictions based on? Lasry, a recent convert to bitcoin, said the momentum is coming from increased ‘ease of crypto trading’. He said: “As it gets more into the mainstream, and as more markets end up allowing it to trade where it’s freely tradable, to me that’s more of the bet.”
Predictions are coming in rapid succession since its ascendancy up above $7,400 level, at the time of publishing bitcoin was up 10.50% to $7,444.
Interest from leading investors such as BlackRock have kept the cryptosphere discussion lively this week. McAfee’s back in May this year suggests that fiat currencies will make way for digital coins. “Why? I have a wallet on my phone which is an entire bank… Lending money, sending wires, I don’t have to go to the bank. It takes me 10 seconds to do a wire… Do you think that is going to go to zero and we’re going to go back to this incredibly dull and bizarre way of using money with banks?”
On McAfee’s rarely dull Twitter feed, he explains the need for having a secure wallet and admits a key reason is because “the cryptocurrency arena is like the Wild Wild West and a secure wallet is like having a Colt45 to protect ourselves”.
Even with all the bullish sentiment then it’s worth remembering that volatility remains the sector’s defining characteristic.