Cryptocurrency enthusiast John McAfee is advocating that those bullish on bitcoin stay the course and continue to hold on to the digital asset, despite a downturn over the weekend that saw it shed nearly half of its value from its December peak.
McAfee, who founded the eponymous virus-protection software company, said recently: “Bitcoin is still the crypto giant. It is at a low price, and will never be cheaper,” he wrote on Twitter. “It will be ten times this price in 2018. Remember — it has the lowest circulating supply of any coin,” he said.
He also attempted to address some key criticisms of using bitcoin notably the high costs and slow speeds associated with processing transactions, that have given rise to splits in bitcoin, including Litecoin and Bitcoin cash.
He Twitted this recently ‘Technical issues with Bitcoin are trivial, including transaction times and costs. I have been a technician all of my life, so if anyone knows, it is me. The world is waiting on consensus for the right solution. Bitcoin is still the only guaranteed investment in the crypto world.’
McAfee has been among the more vocal supporters of bitcoin, predicting that the world’s most prominent cybercurrency would see a single unit hit a value of $1 million by 2020, doubling down on an earlier bet that a single bitcoin would be worth $500,000 over the same time.