John McAfee: Bitcoin is the “True Shitcoin” and the “Hotmail of Crypto”

John McAfee: Bitcoin is the “True Shitcoin” and the “Hotmail of Crypto”

John McAfee is most well-known as the founder of the antivirus software company McAfee. However, he is also an avid cryptocurrency supporter. Despite this, it now appears that he is not a fan of Bitcoin. Instead, he said that Bitcoin is the “true shitcoin” and “old” technology.

McAfee says Bitcoin is “ancient technology”

This news came in a fresh tweetstorm by McAfee, in which he went on a rant against Bitcoin. In it, McAfee argues that although Bitcoin is grabbing much of the crypto spotlight, the true future of crypto lies with altcoins.

These statements will be somewhat confusing to long-time followers of McAfee. Specifically, McAfee spectacularly went on the record promising to “eat his own dick” if Bitcoin’s price doesn’t reach $1 million by the end of 2020. 

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As such, it would appear McAfee was quite recently a supporter of the premier cryptocurrency. Nonetheless, he now admits that this bizarre pledge was a ruse to “onboard new users”. In the same tweet from January 5th, McAfee also states that this strategy was successful.

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

“Bitcoin is the true shitcoin”

In more recent tweets, McAfee is doubling down on this Bitcoin-averse rhetoric. Perhaps most notably, he is now calling Bitcoin the “true shitcoin” and indicates that Bitcoin’s underlying technology is simply inferior.

“Whichever Bitcoin Maximalist came up with the term “Shitcoin” for all other coins; Was brilliant. But we all know that the future of Crypto rests with the Alt Coins. Bitcoin – Old, clunky, no security, no smart contracts, no DAPs …. Is the true Shitcoin.”

It can sometimes be hard to know how serious McAfee is with his Twitter statements – as his pledge to eat his own genitals highlights – but it would appear that he is no longer supporting Bitcoin.

Moreover, McAfee also said that “Bitcoin is the Hotmail of crypto”, referring to the MSN Hotmail email service. MSN Hotmail was one of the first popular webmail services, but eventually fell out of use and popularity. 

Instead, newer actors such as Gmail and Outlook now dominate the email sector. As such, McAfee’s statement suggests he believes Bitcoin could also soon go the way of the dodo. One should, however, note that McAfee has previously said that he promotes altcoins and ICOs for $105,000 per tweet.

Nevertheless, his comments highlights an important diverge in the cryptocurrency community, between some who support Bitcoin over cryptocurrency as a whole, and those who instead prefer altcoins. With that said, the most healthy approach for a cryptocurrency supporter is likely to watch the entire sector with interest and without bias.