The John McAfee Effect
If you follow John McAfee on Twitter (@officialmcafee) or Instagram (@officialjohnmcafee) you will have seen his Coin of the Day which has now been changed to Coin of the Week which will be posted every Monday.
He has posted about Reddcoin, Digibyte, Tron and Verge just to name a few. Each time he has posted about these coins they have skyrocketed, in some cases the very same minute he tweeted. Verge (XVG), the privacy coin which is set for big things in 2018 surged from just under $0.01 to over $0.16 in days.
To be honest I don’t know and would love people’s opinions on this. I suppose if you already hold a coin that he tweets about and it skyrockets within minutes then that’s pretty good for you but the price does tend to settle down again.
Conversely, is it good that one guy has this much power over the market? One tweet from McAfee it can send the prices of coins to all-time highs. It begs the question what would happen if main-stream celebrities were to tweet about a cryptocurrency. Would the coins’ price sky-rocket or would it not change at all? Is it because John McAfee is respected in the world of cryptocurrency therefore people take what he says seriously and then jump on the bandwagon. Would this be the case if Kim Kardashian did the same?
Who knows! But it’s cool.
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