By CCN Markets: John McAfee hasn’t been talking about cryptocurrency very much lately, preferring to focus on his political agenda…
By CCN Markets: John McAfee hasn’t been talking about cryptocurrency very much lately, preferring to focus on his political agenda heading into 2020. This changed on Thursday when the mercurial tech provocateur posted a tweet urging his followers to keep their faith in Bitcoin.
Unsurprisingly, Bitcoin perma-bull John McAfee is facing a barrage of messages from his worried fans about BTC. It has not been a good few days for the Bitcoin price, as the largest cryptocurrency by market cap lost over $1000 of its value in the last 24 hours. Though now above $10,000, BTC/USD is well off its highs of nearly $13,000 YTD.
For many crypto enthusiasts, seeing McAfee tweeting about digital currency will have brought a warm glow to their hearts. As the tax exile has fled from the Caribbean to Europe before finding himself in a faraday cage, the tweets have been more concerned with oppression in the United States than Bitcoin advocacy. Recent volatility has sparked John into feeling the need to reassure his crypto flock that everything’s going to be alright.
In regards to his location, McAfee is suggesting that he is currently staying in Novaya Zemlya. If true, this is far removed from his sunny boat trips in the Bahamas. Novaya Zemlya is a barren, frigid archipelago in Russia, which may even be contaminated with nuclear fallout from a disastrous bomb test in the late 80s (and don't forget about the Polar Bears.)
From a supply standpoint, moves in Bitcoin are never easy to explain.
People looking for a precise correlation between risk appetite (performance of global equities) were disappointed when BTC/USD appeared to lose its safe-haven status. However, brighter risk sentiment in traditional markets does seem to have subdued Bitcoin. In particular, a stronger Chinese Yuan looks to have been a bearish development.
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