John McAfee tributes, El Salvador’s bold plans and other news

Remembering John McAfee: Computer programmer and crypto evangelist dead at 75

View this email in your browser One week in review:  June 20–26 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: #1. Remembering John McAfee: Computer programmer and crypto evangelist dead at 75 John McAfee was found dead in his Spanish prison cell hours after the country's courts ruled that he could be extradited to the U.S. to face tax evasion charges. He was 75. He was best known for creating one of the world's best-known antivirus software programs. The entrepreneur also made headlines in the crypto space and mainstream media for a July 2017 prediction that the price of Bitcoin would reach $500,000 by 2020. McAfee didn't end up fulfilling the terms of an extravagant bet where he claimed he would "eat [his] dick on national television" if it didn't happen. Spanish officials have not ruled out the possibility that McAfee killed himself. News of his death prompted an outpouring of tributes and conspiracy theories. Former NSA employee and whistleblower Edward Snowden tweeted: "Europe should not extradite those accused of non-violent crimes to a court system so unfair—and a prison system so cruel—that native-born defendants would rather die than become subject to it." Cardano founder Charles Hoskinson described McAfee as a "deeply troubled person," but praised him as being "one of the most enigmatic and interesting people in the cryptocurrency space and the history of computing." Read more #2. El Salvador to airdrop $30 in Bitcoin to every adult citizen The opposition may be mounting a challenge to President Nayib Bukele's Bitcoin Law, but it seems that El Salvador's leader is determined to push ahead with his plans to adopt the cryptocurrency as legal tender. This week, Bukele announced that the government will airdrop BTC worth $30 to citizens who download a government-issued crypto wallet. He went on to confirm that BTC will officially become legal tender on Sept. 7. The announcement was welcomed by Bitcoiners, with influencers speculating that El Salvador's government will need to purchase the required BTC it intends to distribute — adding more than $100 million in buying pressure on markets. On-chain analyst Willy Woo tweeted that Bitcoin's global user base will grow by 2.5% if all 4.5 million Salvadorans take the president up on his offer. Read more #3. Bitcoin heading for worst quarter since start of 2018 bear market Bitcoin is poised to post its worst-performing quarter since the start of the 2018 bear trend. The current quarter is also on track to be the second-worst on record for BTC in the almost eight years since the start of 2014. Bitcoin is currently down 47% for the quarter — its weakest quarter since Q1 2018, when it shed approximately 50% of its value over just three months amid the fallout from 2017's all-time highs. Read more #4. Prediction of the week: Bitcoin price can hit $450,000 in 2021 — $135,000 is "worst-case scenario," PlanB says Not everyone is gloomy about Bitcoin's prospects — and one of them is PlanB, the creator of the stock-to-flow model. He says BTC could trade at an eye-watering $450,000 by the end of this year… and that $135,000 would be the worst-case scenario. Even as BTC/USD sees multiple retests of lows from months past, the analyst — and his models — remain firmly fixed on a far brighter mid-term goal for the largest cryptocurrency. Now, even the "worst-case scenario" for Bitcoin would still see it trade at $47,000 in August. A slight reversal in September places the minimum target at $43,000 for that month only to be followed by $63,000 in October — near current all-time highs. Things then heat up, with $98,000 on the cards in November and a giant $135,000 by the end of the year. That being said, PlanB says he is "uneasy" about his renowned price predictions due to the recent downtrend in the markets. In a recent poll he performed on Twitter, 41% of respondents said they think Bitcoin will stay below $100,000 in 2021 — invalidating his model entirely. Read more #5. FUD of the week: Bitcoin in uptrend but BTC may never beat gold's $10T market cap — ex-NYSE head Thomas Farley, the former head of the New York Stock Exchange, is feeling bullish about Bitcoin — but he had a caveat that clips the wings of ardent crypto enthusiasts. Although he believes BTC has the potential to rise in the long term, he's expressed doubts about the narrative that this cryptocurrency is "digital gold." Farley said: "In order for Bitcoin to one day exceed gold, it'll have to be more of an accepted form of currency — I'm not sure, frankly, if it ever gets there." To beat gold, Bitcoin would need to trade at more than $533,000 with the current supply. Read more #6. FUD of the week: CNBC host boldly reveals he sold his BTC amid depths of bear market Jim Cramer has liquidated nearly all of his Bitcoin holdings. The host of CNBC's Mad Money believes BTC is "not going up because of structural reasons," highlighting China's renewed regulatory clampdown. Cramer warned China's central government sees Bitcoin to be a "direct threat" to the regime and its capacity to control monetary flows within the country — describing the cryptocurrency as "as a system that's outside of their control." The escalating Chinese crypto mining ban has sent Bitcoin's hash rate tumbling to an eight-month low as mining operations either shut down or move offshore. Shrugging off the cryptocurrency, which he recently used to pay off a mortgage, Cramer added: "Sold almost all of my Bitcoin. Don't need it." Read more Feel free to explore the most important news with Hodler's Digest: Read more 1.5 million people follow us on social media Download our official app:

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