Bitcoin has found new lows in November, but you probably already know that, since that’s all everybody talks this week. Trading at around $4,500 t0 $4,700 USD today, and largely impacted by Bitcoin Cash’s instability after the fork, Bitcoin is now at its lowest point in a whole year.
Famous malware creator, high-profile Bitcoin investor, notorious troll and absolutely crazy Bitcoin bull John McAfee has commented on the bloodbath that was this week. To him, that’s just “another winter”.
McAfee, perhaps in one of his moments of most sensibility, has affirmed that people panicked and that’s why the prices went down so fast. He affirmed that
“We’re in a bear market. They suck, yes, and not like a hooker with no teeth”
Ok, maybe it wasn’t such a sensible comment, but it looks like something very toned down coming from him.
He has also affirmed that he’s 73 and he has seen many bear markets come and go. According to him, the comparison with winters is because they are long and suck but there is always a “glorious Spring” afterward.
The Bear Market Rages On
Despite McAfee being so positive about the moment, it is important to notice that the moment is certainly pretty dire. With Bitcoin hitting its lowest point in a whole year and only finding resistance in the $4,400 USD level and some people have even affirmed that the market is far from the bottom because there was not even such a heavy volume in sales.
Bitcoin Cash led the rout and lost almost half of its value after the fork, but that was expected, while Ethereum was another big loser. Only Ripple’s XRP and Stellar saw some love from the market, as both of them were ascending in the ranks despite the bear. XRP took the 2nd place in the market cap and Stellar is eyeing for Bitcoin Cash’s place.
It’s hard to say when the Winter will be over, but McAfee still affirms that Bitcoin will be worth $1 million USD by 2020. That seems like nonsense at this point, really, but who knows? Maybe the old troll is right and there is a magical Spring just around the corner.