Cybersecurity expert John McAfee explained in an interview why Bitcoin is not a bubble. McAfee said that there is no bubble against the rhetoric that Bitcoin is a bubble and that it will continue to grow. He is confident that Bitcoin cannot be considered a bubble.
Bitcoin Is Not an Official Currency
Asked why the definition of “bubble” cannot be applied to Bitcoin, McAfee said that Bitcoin is not an official currency explained.
John McAfee, founder of McAfee Inc.:
“Bitcoin is not an official currency. In terms of electricity and operating costs, one Bitcoin currently costs more than a thousand dollars to produce.”
McAfee also said that Bitcoin’s value is tied to the user and the number of peers.
McAfee:
“The value of Bitcoin is linked to the number of users and transactions.”
To explain in more detail that Bitcoin cannot be defined as a bubble.
According to McAfee, Bitcoin cannot be described as a “speculative investment,” although most people who use Bitcoin only use it for speculative purposes.
McAfee:
“Although it is used as such by some people, it is not a speculative investment. As the Bitcoin network expands, so does the value of Bitcoin. As people start using Bitcoin as a means of payment and receipt, they stop using the dollar, euro, Chinese yuan, which will lead to the depreciation of these currencies in the long run.”
Bitcoin Stability
When John McAfee was also asked about the tweet by Mark Cuban that caused a drop in Bitcoin, he replied that it had nothing to do with it.
The market according to McAfee It is very normal to have temporary fluctuations and these fluctuations are created by speculators who do not understand the fundamentals of blockchain technology.
In closing, McAfee stated that Bitcoin has a benchmark in itself:
“The more people start using Bitcoin, the more valuable it will become. This is the only criterion we use.”
Join our Telegram channel to be informed about all developments and shares!
Altcoins Fluctuate, Bitcoin Price Rise Stable