Bitcoin “bear market is psychologically motivated,” says John McAfee
Bitcoin enthusiast, John McAfee has raised his voice again in support of Bitcoin (BTC). The support came in at a time when Bitcoin is passing through a shaky ground, where its price is fluctuating and speculators are getting down hard on the virtual currency.
Bitcoin to soon show a positive market
McAfee is of the opinion that the current year has been a boon for Bitcoin in terms of its “adoption and use”. The “bear market” that the particular currency has reflected, is a mere passing phase, indicating that the “bull market” might soon be rising in the eastern sky.
Through a Twitter post, the crypto ninja, backed the digital currency, stating: “As Bitcoin miners know: this year has marked a huge increase in the adoption and use of Bitcoin. Simultaneously, there has been a massive bear market. Clearly, the bear market is psychologically motivated. At some point, reality will set in and the market will reflect true growth.”
As Bitcoin miners know: this year has marked a huge increase in the adoption and use of Bitcoin. Simultaneously, there has been a massive bear market. Clearly the bear market is psychologically motivated. At some point, reality will set in and the market will reflect true growth.
— John McAfee (@officialmcafee) August 30, 2018
Litecoin founder makes similar statement in support of Bitcoin
McAfee’s support for Bitcoin followed after Charlie Lee, the creator of Litecoin, had voiced his support for Bitcoin recently. Lee said: “I think, in terms of long-term, it tells us of the success of the cryptocurrency but in short-term, it doesn't tell us much. For example, this year there has been so much adoption in Bitcoin and Litecoin but the prices have dropped like 60-70%. So, I think it's because it's so volatile, it's all about speculation these days. But, in the future, the price will reflect the success of the cryptocurrencies.”
Adoption vs price
The statements made by the two major crypto enthusiasts, reflect that the two believe in the long term consequence of Bitcoin and dismissed the current or “short-term” hiccups whatsoever. Price should not be the sole factor in judging the significance of a cryptocurrency. Both of them believe that it is the rate of "adoption" of a currency is very important. The duo invested their trust in the positive turnaround of Bitcoin in the near future where there will be “true growth”. The positivity that the two crypto buffs have expressed for Bitcoin will only give solace to the Bitcoin community to bottle up their agitation and hold on tight to prevail through the existing Bitcoin bear market.
Image via Shutterstock
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