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John McAfee blames banks in India for fall in cryptocurrencies, suggests not to panic

McAfee expressed his confidence in Bitcoin and said that it will be back in a month from whatever low it gets

January 24, 2018 / 03:15 PM IST
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Amid the dwindling prices of cryptocurrencies, the famous or rather say infamous cybersecurity expert John McAfee has suggested the investors to not panic.

McAfee who is also a cryptocurrency enthusiast blamed the crackdown on exchanges by Indian banks for the slide in their prices.

In a tweet, 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 said that it will be back in a month from whatever low it gets. “Who cares what bottom Bitcoin hits? 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,” he said in another tweet.

Earlier, top banks of the country 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.

Also Read: Largest bank of Nordic region forbids its 31,000 employees from trading in Bitcoin

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 reporting, Bitcoin was up by 5 percent, Ether by 4 percent and Ripple by 8 percent compared to the price 24 hours ago.
first published: Jan 24, 2018 03:15 pm
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