The famous cybersecurity expert, John McAfee, has suggested to Bitcoin investors not to panic amid the declining prices of the cryptocurrency. McAfee who is also a cryptocurrency fan blamed the crackdown on cryptocurrency exchanges by Indian banks for the Bitcoin fall.
In a tweet, John McAfee said:
“Again…don’t panic. Banks in India are cracking down on accounts connected to crypto exchanges, causing the dip. But distributed exchanges are only a few months away. Impossible to crack down on.”
McAfee expressed his confidence in Bitcoin and stated that it will be back in a month from whatever low that Bitcoin fall. In another tweet, John McAfee said:
“Who cares what bottom Bitcoin fall? It will be back in less than a month. Fiat currencies are the water. Cryptocurrencies are the floating objects. Push one down as deep as you want. It will, with certainty, rush back to the top.”
Earlier, Indian top banks which include State Bank of India, Axis Bank, ICICI Bank, HDFC Bank and Yes Bank had suspended some accounts of major Bitcoin exchanges in India on suspicion of dubious transactions.
The exchanges which were on the receiving end include Zebpay, Unocoin, CoinSecure, BtcxIndia, among others.
The banks have reportedly asked for an additional collateral with 1:1 ratio on the loans the exchanges had taken.
The price of major cryptocurrencies has strengthened lately after seeing a slide in the last couple of days, however, the outlook remains extremely volatile. At the time of writing, Bitcoin was up by 5%, Ether by 4% and Ripple by 8% compared to their prices 24 hours ago.
Are you also of the opinion that Indian banks are responsible for the bitcoin fall in price and that its price will soon rise like John McAfee? Tell us in the comment box.