On June 26, 2019, Bitcoin remarkably spiked to its year-to-date high of $13,796. However, the top cryptocurrency began trading downwards which has landed its price around $9,500 today. John McAfee, on the other hand, believes Bitcoin’s decline in price is nothing to worry about. McAfee stated in a tweet that Bitcoin will continue its fast-paced upsurge in just a week from now.
U.S. Has Mounted Pressure on Bitcoin
According to John McAfee, Bitcoin is currently experiencing pressure from the U.S. and this pressure is evident in the digital asset’s current price. Nonetheless, the U.S. has no real power in controlling Bitcoin and generally, cryptocurrencies. Bitcoin will make a U-turn and continue its spike upwards in just a week from now, he said.
The U.S, as McAfee has hinted, made headlines of recent pertaining to this asset class. For instance, U.S. President Donald Trump said on July 11, 2019, that he is not a fan of Bitcoin and cryptocurrencies because they can facilitate criminal activities.
Barely days after the President’s comments, Bitcoin which its high on the said date was $12,144 gradually declined to $11,179 and $10,908 on July 12, 2019, and July 13, 2019, respectively.
U.S. Treasury Secretary Says He Won’t Be Talking About Bitcoin
In the same vein, Steven Mnuchin, U.S. Treasury secretary while in an interview with CNBC on July 24, 2019, said he will not talk about Bitcoin in a decade from now. But that’s not all! The Internal Revenue Service (IRS) also unleashed a report on July 26, 2019, stating that it is on a crackdown of crypto users who haven’t paid their taxes or reported their virtual currency transactions properly.
Crypto Twitter Comments on McAfee’s Tweet
Comments which were made on McAfee’s tweet about the U.S. and its pressure on Bitcoin revealed two groups of people based on their opinion. The first group is those who are waiting to see if Bitcoin takes another leap in price within a week as McAfee has stated. The second is those who also believe that the U.S. cannot bring down this asset class.
A crypto enthusiast, for instance, said:
“If the US government COULD kill bitcoin, IT WOULD BE DEAD ALREADY!!! BUT THEY CANNOT Which is WHY bitcoin is important in the first damn place!!”
These aside, it is worthy to note how McAfee has constantly stood up for Bitcoin which he believes will hit $1 million by 2020’s end. While responding to President Trump’s dislike for Bitcoin, McAfee said the internet, telephone, automobile, amongst other technologies also facilitated illegal activities. Nonetheless, they have impacted significantly on the lives of the average American.