Following a tumultuous few days when Bitcoin reduced to close to half its value, the most popular cryptocurrency is on the rise again. Since last morning, BTC has been increasing in value and even hit a high of over $4000 USD. This is particularly remarkable, given that it was predicted by experts to go down as low as $2500 USD.
Many considered the recent plummet as a result of China’s stand on ICOs. However, there has also been speculation that this was a long overdue course correction for Bitcoin, after almost doubling in value over the past months. In the meanwhile, business leaders like Jamie Dimon, CEO of JPMorgan, interpreted this fall as the end of the Bitcoin bubble.
While the naysayers were aplenty, John McAfee, founder of cybersecurity company McAfee, went out on an all-out defense of the cryptocurrency and went into the concept of proof of work and that bitcoin is getting more popularity and usage, which makes it a huge threat for governments and banks. Watch the entire video here –