CNBC Fast Money John McAfee Jamie Dimon Bitcoin Debate
CNBC Fast Money John McAfee Jamie Dimon Bitcoin Debate

John McAfee Challenges Jamie Dimon’s Criticism of Bitcoin

Cyber security pioneer, creator of the McAfee Security antivirus software, and current CEO of MGT Capital Investments, Inc. (OTC Pink: MGTI) John McAfee, rebuked JPMorgan Chase & Co. (NYSE: JPM) CEO Jamie Dimon’s criticism of Bitcoin. On Wednesday, September 13, 2017 McAfee went on CNBC’s Fast Money to discuss his position on the cryptocurrency debate.

Just one day earlier, Jamie Dimon made headlines after calling Bitcoin a “fraud” and said he would fire any of his traders that were caught trading the cryptocurrency for “being stupid.” Delivering some of the harshest criticism of Bitcoin and cryptocurrencies to date.

“You called Bitcoin a fraud,” McAfee says during his CNBC interview on Wednesday. “I’m a Bitcoin miner. We create Bitcoins. It costs over $1,000 per coin to create a Bitcoin. What does it cost to create a U.S. dollar? Which one is the fraud? Because it costs whatever the paper costs, but it costs me and other miners over $1,000 per coin. It’s called proof of work.”

Bitcoin miners, like MGT Capital Investments, Inc., invest vast amounts of money in high-tech, super computers that are able to create Bitcoins. “And the fact that Bitcoin is consistently growing in its use and its value has to say something,” details McAfee. “Sure it will rise and fall as all new technologies are. But at the same time, it is certainly not a fraud.”

However, it appears McAfee’s defense has done little to stop the sell off within cryptocurrencies. On Thursday, Bitcoin dropped 10.72% to $3,458 and Ethereum dove 12.65% to $240.88. After the recent global regulation crackdown and increased criticism from leaders, it appears traders are taking their foot off the gas pedal, which has pushed Bitcoin up several hundred percent year-to-date. While the sell off may be warranted after such an explosive rally, the cryptocurrency movement continues to grab headlines and only continues to show signs of expansion.

 

John McAfee claims bitcoin is headed to $500K from CNBC.

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Matt Rego

Matt is the Founder and CEO of Spotlight Growth, a full service investor relations and awareness service provider. Prior to launching Spotlight Growth, Matt worked six years within the investor relations industry, most recently serving as Vice President of Sales and Marketing at Global Discovery Group, Inc. In addition, Matt has been a financial writer and analyst since 2010 and investing in the stock market since 2007. Articles and content have appeared on well-known financial websites, such as: Investopedia, Google Finance, Yahoo Finance, ValueWalk, Minyanville, Seeking Alpha, CBS MoneyWatch, Investment Underground, Emerging Growth, Blasting News, GenYWealth, and more. In addition, Matt has received an honorable mention in Barrons’ and the New York Post. Matt graduated from the University of Minnesota with a Bachelor’s Degree in Finance.