Cyber security pioneer and crypto advocate John McAfee has called out Bitcoin bull Peter Brandt on Twitter after the latter made some disparaging comments about altcoins.
@PeterLBrandt says altcoins are done. His knowledge is stone age,” he tweeted. “Bitcoin will forever be a store of value, but each transaction allows both parties to see inside their wallets ever after. If banks did this you would scream. Privacy coins don’t have this flaw. Just one example”.
Earlier this week, Brandt encouraged investors not to panic as Bitcoin’s price dropped. “Just because we had a one or two-day correction, that really doesn’t mean anything. You can go back in the Bitcoin history and find out all kinds of 30 to 50% corrections within a bull trend. So I think this thing will work itself out,” he said.
We’re dealing with “a market like no other”, he added. “If you can’t ride what you own to zero, then you own too much.”
He also compared the altcoin market to the dotcom bubble and argued that Bitcoin’s recent strong rallies won’t be replicated by other cryptocurrencies.
Altcoins will rebound
When one of McAfee’s Twitter followers said that he had a lot of respect for Brandt and noted that “not all alts are gone but most have lost 95%+,” the former replied: “Of course they have. They suffered the same bear market as Bitcoin. They were just hit harder. When they rebound they will increase manifold faster than Bitcoin”.