John McAfee on Bitcoin Mining and Bear Market Psychology: True Growth is Coming


John McAfee, a bitcoin enthusiast has spoken up about bitcoin and it may just be what bitcoin needs in light of the recent price fluctuations that may be impacting investor’s perception of security.

Investors may also feel more confident due to McAfee’s most recent statement, which is that he perceives that a bull market is on the horizon.

As he stated on Twitter,

“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.”

McAfee’s stance is similar to that of Charlie Lee, who created Litecoin. Lee also voiced his support for bitcoin, stating:

“I think, in terms of long-term, it tells us of the success of 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.”

These statements reflect a sentiment that bitcoin will overcome is current bear and achieve

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