SEC issues warning against John McAfee’s crypto shilling
John McAfee is a 72-year-old businessman, best known for his work in the cybersecurity industry as the founder of McAfee Internet Security. He is the CEO of MGT Capital Investments Inc and since 2017, he has been a strong advocate in the Cryptocurrency space. With almost 830,000 followers on Twitter, John has a huge influence on the community and has made some bold price predictions for various Cryptocurrencies. His most common prediction is the still outstanding, where he predicted $500,000 USD Bitcoin by the end of 2020 which has since been raised to $1,000,000 USD. He is a strong believer in the technology and continues to promote in to his audience. You can track this prediction at (http://bircoin.top).
As John became more renown for his influence in the Cryptocurrency space by sharing his knowledge and ideas, he began to promote Initial Coin Offerings (ICO’s). ICO’s are a very lucrative and high-risk investment and have been heavily scrutinised by the U.S Securities and Exchange Commission (SEC). John began promoting coins and projects frequently on his Twitter account with a ‘coin of the day’ and ‘coin of the week’. He later made it public that he was accepting $105,000 USD for every promotional tweet he would make. After such tweets and recommendations, the price movement of these coins was being affected and some referred to John as a ‘shill’.
On June 19th, 2018, John put out a tweet to alert the community that the SEC has warned him to stop promoting ICO’s as they are unregulated and often fraudulent. He stated that he is looking at documenting an alternative to ICO’s which the SEC won’t be able to touch.
Despite this setback, John has been at work, expanding on his plans to bring Cryptocurrency to the world and support the transition from the regular financial system as we know it. He announced that in 2020, he aims to run for a presidential position to try and raise mass awareness for Cryptocurrencies. He’s also been looking into a ‘fiat’ currency which is backed by Cryptocurrency.
Although John McAfee is often perceived as an erratic and outgoing individual, I believe that he only wants the best for Cryptocurrency and having an influence as large as his is highly beneficial to helping spread awareness of this great technology which should help boost long-term success. Make sure to follow John and have a watch of some of his interviews, this man has some great knowledge and will do great things for the industry.
Check out his Twitter here: https://twitter.com/officialmcafee
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