{"id":7951,"date":"2021-06-26T15:03:48","date_gmt":"2021-06-26T19:03:48","guid":{"rendered":"https:\/\/cointelegraph.com\/magazine\/?p=7951"},"modified":"2021-06-30T07:52:06","modified_gmt":"2021-06-30T11:52:06","slug":"mcafee-tributes-elsalvador-plans-altcoins-plunge-619-626","status":"publish","type":"post","link":"https:\/\/cointelegraph.com\/magazine\/2021\/06\/26\/mcafee-tributes-elsalvador-plans-altcoins-plunge-619-626","title":{"rendered":"John McAfee tributes, El Salvador\u2019s bold plans, altcoin fears: Hodler\u2019s Digest, June 20\u201326"},"content":{"rendered":"

Coming every Saturday, <\/i><\/b>Hodler\u2019s Digest<\/i><\/b><\/a> will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more \u2014 a week on Cointelegraph in one link.<\/i><\/b><\/p>\n

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Top Stories This Week<\/b><\/h2>\n

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Remembering John McAfee: Computer programmer and crypto evangelist dead at 75<\/b><\/a><\/h4>\n

John McAfee was found dead in his Spanish prison cell hours after the country\u2019s courts ruled that <\/span>he could be extradited to the U.S.<\/span><\/a> to face tax evasion charges. <\/span>He was 75.<\/b><\/p>\n

He was best known for creating one of the world\u2019s best-known antivirus software programs. <\/span>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. <\/b>McAfee didn\u2019t end up fulfilling the terms of an extravagant bet where he claimed he would \u201ceat [his] dick on national television\u201d if it didn\u2019t happen.<\/span><\/p>\n

Spanish officials have not ruled out the possibility that McAfee killed himself. <\/span>News of his death prompted an outpouring of <\/b>tributes and conspiracy theories<\/b><\/a>.<\/b><\/p>\n

Former NSA employee and whistleblower Edward Snowden <\/span>tweeted<\/span><\/a>:<\/span> \u201cEurope should not extradite those accused of non-violent crimes to a court system so unfair\u2014and a prison system so cruel\u2014that native-born defendants would rather die than become subject to it.\u201d<\/b><\/p>\n

Cardano founder Charles Hoskinson described McAfee as a \u201cdeeply troubled person,\u201d but praised him as being \u201cone of the most enigmatic and interesting people in the cryptocurrency space and the history of computing.\u201d\u00a0<\/span><\/p>\n

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El Salvador to airdrop $30 in Bitcoin to every adult citizen<\/b><\/a><\/h4>\n

The opposition may be <\/span>mounting a challenge<\/span><\/a> to President Nayib Bukele\u2019s Bitcoin Law, but it seems that El Salvador\u2019s leader is determined to push ahead with his plans to adopt the cryptocurrency as legal tender.<\/span><\/p>\n

This week, Bukele announced that the government will airdrop BTC worth $30 to citizens who download a government-issued crypto wallet. <\/b>He went on to confirm that BTC will officially become legal tender on Sept. 7.<\/span><\/p>\n

The announcement was welcomed by Bitcoiners, with influencers speculating that El Salvador\u2019s government will need to purchase the required BTC it intends to distribute \u2014 adding more than <\/span>$100 million<\/b> in buying pressure on markets.<\/span><\/p>\n

On-chain analyst Willy Woo <\/span>tweeted<\/span><\/a> that Bitcoin\u2019s global user base will grow by <\/span>2.5%<\/b> if all <\/span>4.5 million <\/b>Salvadorans take the president up on his offer.<\/span><\/p>\n

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Ethereum, altcoins risk more downside than Bitcoin if BTC loses $30K, warns analyst<\/b><\/a><\/h4>\n

Bitcoin has retraced once again after hitting highs of <\/span>$36,059.48 <\/b>earlier this week.<\/span><\/p>\n

And according to Flibflib, an independent market analyst, altcoin traders and investors should duck for cover if the world\u2019s biggest cryptocurrency falls below <\/span>$30,000<\/b>.<\/span><\/p>\n

In a tweet <\/b>published<\/b><\/a> late Friday, they said a 30% crash in the Bitcoin market could prompt altcoins to drop twice as hard. <\/b><\/p>\n

At the time of writing, Bitcoin is down <\/span>14% <\/b>on the week, but coins with a smaller market cap have had it far worse. Ether is down <\/span>21%<\/b>, Binance Coin has fallen <\/span>20%<\/b>, Dogecoin has lost <\/span>19%<\/b>, and XRP is nursing losses of <\/span>25%<\/b>.<\/span><\/p>\n

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Bitcoin heading for worst quarter since start of 2018 bear market<\/b><\/a><\/h4>\n

Bitcoin is poised to post its worst-performing quarter since the start of the 2018 bear trend.<\/b><\/p>\n

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.<\/span><\/p>\n

Bitcoin is currently down<\/span> 47%<\/b> for the quarter \u2014 its weakest quarter since Q1 2018, when it shed approximately <\/span>50% <\/b>of its value over just three months amid the fallout from 2017\u2019s all-time highs.<\/span><\/p>\n

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SEC accuses XRP Army of issuing \u2018false statements\u2019 against its leadership on social media<\/b><\/a><\/h4>\n

XRP token holders have been accused of targeting members of the U.S. Securities and Exchange Commission with false statements on social media.<\/span><\/p>\n

Among those apparently in the XRP Army\u2019s sights are a former director of the SEC, with the commission warning that this could deter individuals seeking positions in public service.<\/b><\/p>\n

The SEC filed a lawsuit against Ripple in December, alleging the firm, CEO Brad Garlinghouse and co-founder Chris Larsen had been conducting an \u201cunregistered, ongoing digital asset securities offering\u201d with their XRP token sales.<\/span><\/p>\n

In response to the SEC lawsuit, Ripple has claimed that XRP is more like Bitcoin or Ether \u2014 both of which the regulatory body has classified as commodities rather than securities. <\/span><\/p>\n

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Winners and Losers<\/b><\/h2>\n

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At the end of the week, Bitcoin is at <\/span>$31,574.31<\/b>, Ether at <\/span>$1,784.19 <\/b>and XRP at <\/span>$0.60<\/b>. The total market cap is at <\/span>$1,269,500,623,338<\/b>.<\/span><\/p>\n

Among the biggest 100 cryptocurrencies, the only altcoin gainer of the week is <\/span>Celo<\/b>. The top three altcoin losers of the week are <\/span>Kusama<\/b>, <\/span>Internet Computer <\/b>and <\/span>Amp<\/b>.<\/span><\/p>\n

For more info on crypto prices, make sure to read <\/span>Cointelegraph\u2019s market analysis<\/span><\/a>.\u00a0<\/span><\/p>\n

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Most Memorable Quotations<\/b><\/h2>\n

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\u201c6 million people added to the crypto ecosystem in one go.\u201d<\/span><\/p><\/blockquote>\n

Changpeng Zhao<\/b><\/a>, Binance CEO<\/b><\/p>\n

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\u201cits not wise to think governments have no tools in their kit to go after the bad guys,,, they do. if we want this ecosystem to grow we need to recognize we need to operate within the rules society sets.\u201d<\/span><\/p><\/blockquote>\n

Mike Novogratz<\/b><\/a>, Galaxy Digital CEO<\/b><\/p>\n

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\u201cIn order for Bitcoin to one day exceed gold, it\u2019ll have to be more of an accepted form of currency \u2014 I\u2019m not sure, frankly, if it ever gets there.\u201d<\/span><\/p><\/blockquote>\n

Thomas Farley<\/b><\/a>, former head of the New York Stock Exchange<\/b><\/p>\n

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\u201cWhat we\u2019re seeing is a correction, a contraction, and a lot of what is getting shaken out is what we call the paper hands, the weak hands.\u201d<\/span><\/p><\/blockquote>\n

Meltem Demirors<\/b><\/a>, CoinShares chief strategy officer<\/b><\/p>\n

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\u201cSold almost all of my Bitcoin. Don\u2019t need it.\u201d<\/span><\/p><\/blockquote>\n

Jim Cramer<\/b><\/a>, CNBC host<\/b><\/p>\n

Prediction of the Week\u00a0<\/b><\/h2>\n

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Bitcoin price can hit $450,000 in 2021 \u2014 $135,000 is \u201cworst-case scenario,\u201d PlanB says<\/b><\/a><\/h4>\n

Not everyone is gloomy about Bitcoin\u2019s prospects \u2014 and one of them is PlanB, the creator of the stock-to-flow model.<\/span><\/p>\n

He says BTC could trade at an eye-watering $450,000 by the end of this year\u2026 and that $135,000 would be the worst-case scenario.<\/b><\/p>\n

Even as BTC\/USD sees multiple retests of lows from months past, the analyst \u2014 and his models \u2014 remain firmly fixed on a far brighter mid-term goal for the largest cryptocurrency.<\/span><\/p>\n

Now, even the \u201cworst-case scenario\u201d for Bitcoin would still see it trade at <\/span>$47,000 <\/b>in August. A slight reversal in September places the minimum target at <\/span>$43,000<\/b> for that month only to be followed by<\/span> $63,000<\/b> in October \u2014 near current all-time highs.<\/span><\/p>\n

Things then heat up, with<\/span> $98,000<\/b> on the cards in November and a giant <\/span>$135,000<\/b> by the end of the year.<\/span><\/p>\n

That being said, PlanB says he is \u201cuneasy\u201d about his renowned price predictions due to the recent downtrend in the markets. <\/b>In a recent poll he performed on Twitter, <\/span>41% <\/b>of respondents said they think Bitcoin will stay below <\/span>$100,000 <\/b>in 2021 \u2014 invalidating his model entirely.<\/span><\/p>\n

FUD of the Week\u00a0<\/b><\/h2>\n

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Bitcoin in uptrend but BTC may never beat gold’s $10T market cap \u2014 ex-NYSE head<\/b><\/a><\/h4>\n

Thomas Farley, the former head of the New York Stock Exchange, is feeling bullish about Bitcoin \u2014 but he had a caveat that clips the wings of ardent crypto enthusiasts.<\/span><\/p>\n

Although he believes BTC has the potential to rise in the long term, he\u2019s expressed doubts about the narrative that this cryptocurrency is \u201cdigital gold.\u201d<\/b><\/p>\n

Farley said: <\/span>\u201cIn order for Bitcoin to one day exceed gold, it\u2019ll have to be more of an accepted form of currency \u2014 I\u2019m not sure, frankly, if it ever gets there.\u201d<\/b><\/p>\n

To beat gold, Bitcoin would need to trade at more than<\/span> $533,000<\/b> with the current supply.<\/span><\/p>\n

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Judge blocks sale of Jay-Z\u2019s first album and its copyright as an NFT<\/b><\/a><\/h4>\n

A New York judge has issued a temporary restraining order to block an alleged attempt from Roc-A-Fella Records Inc. (RAF) co-founder Damon Dash to sell a tokenized version of Jay-Z’s first album <\/span>Reasonable Doubt<\/span><\/i> along with its copyright.<\/span><\/p>\n

Dash has claimed that he was only trying to sell his stake in RAF, which he established with the rapper and Kareem Burke in 1995.<\/b><\/p>\n

The record label has split ownership between the three, with the company owning the full copyright to the album in question.<\/span><\/p>\n

A complaint filed on June 18 said: <\/span>\u201cThe bottom line is simple: Dash can\u2019t sell what he doesn\u2019t own. By attempting such a sale, Dash has converted a corporate asset and has breached his fiduciary duties.\u201d<\/b><\/p>\n

A judge has agreed to halt the NFT sale, and restrained Dash from selling the copyright to the album until July 1 at the earliest.<\/span><\/p>\n

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CNBC host boldly reveals he sold his BTC amid depths of bear market<\/b><\/a><\/h4>\n

Jim Cramer has liquidated nearly all of his Bitcoin holdings.<\/span><\/p>\n

The host of CNBC\u2019s Mad Money believes BTC is \u201cnot going up because of structural reasons,\u201d highlighting China\u2019s renewed regulatory clampdown.<\/b><\/p>\n

Cramer warned China\u2019s central government sees Bitcoin to be a \u201cdirect threat\u201d to the regime and its capacity to control monetary flows within the country \u2014 describing the cryptocurrency as \u201cas a system that\u2019s outside of their control.\u201d<\/span><\/p>\n

The escalating Chinese crypto mining ban has sent Bitcoin\u2019s hash rate tumbling to an eight-month low as mining operations either shut down or move offshore.<\/span><\/p>\n

Shrugging off the cryptocurrency, which he recently used to pay off a mortgage, Cramer added: <\/span>\u201cSold almost all of my Bitcoin. Don\u2019t need it.\u201d<\/b><\/p>\n

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Best Cointelegraph Features<\/b><\/h2>\n

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The radical need for updating blockchain security protocols<\/b><\/a><\/h4>\n

More profound security practices will encourage wider trust in DeFi and create a culture around security that will advance the industry.<\/span><\/p>\n

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Bitcoin Taproot locked in to improve privacy and introduce smart contracts<\/b><\/a><\/h4>\n

The Bitcoin Taproot upgrade will activate later in 2021 as developers urge to create applications that will leverage its advantages.<\/span><\/p>\n

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Altcoins follow Bitcoin price\u2019s lead as uncertainty grips crypto market<\/b><\/a><\/h4>\n

Historical data suggests that during periods of extreme market turbulence, most altcoins tend to follow Bitcoin\u2019s price movements closely.<\/span><\/p>\n

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The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more \u2014 one week on Cointelegraph in one link!<\/p>\n","protected":false},"author":15,"featured_media":7956,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"mc4wp_mailchimp_campaign":[],"_links_to":"","_links_to_target":""},"categories":[35,2413],"tags":[2722,2727,2963,2736,2965,2964,2737],"yst_prominent_words":[225,1220,2613,1497,2236,658],"_links":{"self":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/7951"}],"collection":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/comments?post=7951"}],"version-history":[{"count":2,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/7951\/revisions"}],"predecessor-version":[{"id":7958,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/7951\/revisions\/7958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/media\/7956"}],"wp:attachment":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/media?parent=7951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/categories?post=7951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/tags?post=7951"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/yst_prominent_words?post=7951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}