The king of coins topped $12k shortly after 1.20pm AEST after increasing 8% in the past 24 hours, but McAfee believes the real money will be made during altseason.
Posting a picture of Bitcoin hitting $11,956 McAfee said:
“Bitcoin cranking up, but the real winners, beginning soon, [will] be the altcoins 10x + the rise in Bitcoin. Top of the heap will be the ones most beaten down in the Bear Market – Docademic, Apollo, XTZ, etc. This is where the real money is to be made. Fill your bags folks.”
McAfee is, of course, a known coin shill who has pumped numerous small cap coins to the moon (and back) with his $100k per tweet ‘coin of the day’.
He famously predicted Bitcoin will hit $1 million by next year or he’d ‘eat his own dick’, he’s launching a cryptocurrency called “freedom coin” and, bizarrely he is running for US President from his campaign headquarters in Cuba as he’s a tax fugitive.
So basically, it’s worth taking the colorful personality’s pronouncements with enough salt to give you a serious case of high blood pressure.
(In separate McAfee news, he says Twitter has blocked the accounts of his wife and his ‘dicumentarian’ and they can’t access recovery codes in Cuba).
Bitcoin has been on a bull run this week, increasing in price by a third.
The market cap is now sitting at $214 billion – it’s highest level since January 2018 during the all-time high.
The last time Bitcoin was at this high a price, it took just 12 days to get to the all-time high of around $20,000. That probably won’t happen this time around, however.
Bitcoin dominance has also crossed 60% – the highest level since December 2017.
There are plenty of theories behind the recent price spike: some think it’s rush of money from India trying to get ahead of the proposed total crypto ban there.
Other’s think it’s Facebook’s Libra coin announcement providing acres of publicity for a “real” cryptocurrency.
Then there’s a (theoretical) flood of money from Chinese investors seeking a safe haven during the US/China trade war, and the effect of the upcoming halving – in which the block reward will be halved in 594,500 blocks, thereby reducing the supply of new BTC.
But hey, this is Bitcoin, so it could just be a bunch of people FOMOing in.
Google Trends, however, does not suggest that’s the case, with ‘Bitcoin’ and ‘Buy Bitcoin’ searches down 90% from the all-time high.
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