In today’s edition of Bitcoin, in Brief, we are going to talk about McAfee’s prediction regarding bitcoin.
John McAfee, an internet security expert, expects a bilge run on cryptocurrency markets in the near future. The internet security expert envisioned in a tweet this week that billions will be pumped by institutional investors. According to a new study, the value of cryptocurrencies is determined by the mood of investors instead of economic indicators. There is going to be important changes in the market capitalizations of the dominant cryptocurrencies and most altcoins as well.
McAfee said in his tweet that “Institutional investors are preparing to enter the cryptocurrency market with a vengeance.” These are usually long-term investors, ready to spend billions on the market. The software expert wrote: “Expect the top ten coins to go through the roof fairly quickly. The bulk of altcoins will soon follow.” John McAfee has advised his followers to check the recent news and analyze it with their heads.
Some reports suggested earlier this month that Goldman Sachs will be launching a bitcoin trading operation to buy and sell bitcoin futures on behalf of institutional clients.
US crypto exchange Coinbase has just announced new services that will attract big money players like crypto hedge funds. In the plans, you have the launch of a crypto custodian service and a suite of tools specifically designed for institutions called Coinbase Prime. The company is also planning to apply for a banking license, they have discussed the possibility with regulators.
This prediction from McAfee coincides with the return of the bears to the crypto market. Bitcoin price dropped below the $8000mark, the lowest ever. At the time of writing, Bitcoin Cash (BCH) was trading at over $1000, and John McAfee has predicted that the price of bitcoin will reach $1 million USD by the end of 2020.