John McAfee: Monero and Ethereum are better than Bitcoin – BTC bet cancelled

Source: Valentyn Volkov - Shutterstock

• John McAfee has cancelled his legendary bet that he will eat his masculinity if Bitcoin does not reach a price of 1 million USD by the end of 2020.
• The US presidential candidate called Bitcoin ancient and suggested Monero and Ethereum as better alternatives.

John McAfee is one of the most controversial figures in the crypto space. The former anti-virus software developer and U.S. presidential candidate has often caused a stir in the past, and his statements have had a strong influence on the crypto market in some instances. Many will certainly remember the Verge (XVG) pump in 2017, after he praised the project. However, the biggest stir was caused by his Bitcoin price predictions.

For the first time in July 2017, McAfee declared that one Bitcoin (BTC) will be worth $500,000 by the end of 2020. In the Tweet at that time, he claimed that it was “mathematically impossible” that one BTC would be worth less by the end of 2020. In the following years, 2017 and 2019, he even raised his forecast once again to USD 1 million and most recently to USD 2 million per BTC. His statement that he will eat his genitals if BTC does not reach USD 1 million by the end of 2020 is legendary.

John McAfee prefers Monero and Ethereum over Bitcoin

In a series of tweets that appeared yesterday, however, McAfee is pulling back. He explained that his statements were just a trick to get new users on board. According to McAfee, it worked. In his usual offensive manner, he wrote that he will keep his masculinity:

Wake the fuck up. What idiot thinks anyone is going to eat their own dick ever? Especially in TV!! Are you that idiot? God .. I hope none of my followers are that stupid.

Eat my dick in 12 months? A ruse to onboard new users. It worked. Bitcoin was first. It’s an ancient technology. All know it.

He added that BTC is an ancient technology and compared it to the Model T, Ford’s first automobile:

Newer blockchains have privacy, smart contracts, distributed apps and more. Bitcoin is our future? Was the Model T the future of the automobile?

While McAfee himself didn’t mention any specific names in his original tweet, the thread was immediately flooded with people praising their favorite cryptocurrencies. His followers also asked McAfee about the blockchains, which are superior to Bitcoin. When it comes to privacy, McAfee named Monero, while Ethereum is his first choice for smart contracts.

Monero for privacy
Ethereum for smart contracts

— John McAfee (@officialmcafee) January 5, 2020

In contrast to earlier statements, McAfee therefore did not name small “pump and dump” coins, but the largest privacy coin and the largest smart contract blockchain by market capitalization. Ethereum also has the largest developer community. Nevertheless, Ethereum has been repeatedly criticized in recent years because the launch of Ethereum 2.0 has been repeatedly delayed.

An end to Bitcoin’s dominance is not in sight

However, as some Bitcoin maximalists noted, BTC should not be written off in any way. With a current dominance of 67.6% in terms of market capital, it is currently not foreseeable when Bitcoin will lose its supremacy. Large institutions such as the Intercontinental Exchange (with Bakkt), Fidelity, E*Trade or TD Ameritrade are currently looking almost exclusively at Bitcoin.

Tom Jessop, the CEO of Fidelity Digital Assets, explained at the end of last year that institutions have a strong appetite for Bitcoin, but that the demand for other cryptocurrencies, such as Ether (ETH) and Litecoin (LTC) are rather low.

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