John McAfee: Bitcoin Private (BTCP) "Will Replace Monero" On the Dark Web

Francisco Memoria
  • Cryptocurrency bull John McAfee has recently argued Bitcoin Private is going to replace Monero as the darkweb's go-to cryptocurrency.
  • Per his words, "some serious technology" is behind the Bitocin Fork, which shouldn't be dismissed as a scam.

Eccentric cybersecurity pioneer and well-known bitcoin bull John McAfee has recently stated that Bitcoin Private (BTCP) is his favorite Bitcoin fork, and that he sees it as a better cryptocurrency than Monero (XMR), since it makes “Bitcoin a superior Monero”

McAfee’s words came during an interview with the CWN YouTube channel. During the interview, he claimed a fork is a positive thing, as it gives “people with differences a way to exit, a way to separate.”

He then noted that his favorite Bitcoin fork is BTCP and defended the cryptocurrency by dismissing those who call it a scam, and claiming some “serious technology” is behind it. BTCP, he noted, adds to Bitcoin what it always needed – presumably, complete anonymity.

Per McAfee, Monero was quickly accepted on the dark web as its users liked the anonymity the privacy-centric cryptocurrency provided. Bitcoin Private, the cybersecurity pioneer says, is now going to replace Monero as the most used cryptocurrency on the dark web.

While most in the BTCP community saw the pioneer’s words as a bullish development, others quickly claimed they had to sell their coins as things weren’t going well. McAfee has been known to promote cryptocurrencies for money, as earlier this year he was charging $105,000 per promotional tweet.

Notably, Verge (XVG) pumped after McAfee claimed he was bullish on it, more than he was on Zcash (ZEC) and Monero. During his interview with CWN, he seemingly indirectly dismissed XVG as it gives users the option not to make private transaction, a feature the eccentric Bitcoin bull claimed to add “complexity and confusion.”

At press time, BTCP is trading at $25.1 and is up by about 2 percent in the last 24-hour period, despite McAfee’s words. When the pioneer recommended XVG late last year, the cryptocurrency was trading at $0.01 and surged over 100 percent in a short period of time.

McAfee is notably bullish on Bitcoin. Last year, he predicted the flagship cryptocurrency would hit $1 million per coin by the end of 2020, a prediction he recently reiterated. According to a website tracking his prediction, the cryptocurrency is currently 9.2 percent below what it should be, as it is currently trading at $8,665 instead of $9,541.

Featured image by Gage Skidmore, Flickr, CC by 2.0

Crypto Rating Council Evaluates Three New Cryptocurrencies as Securities

  • The Crypto Rating Council has released securities ratings for IOTA, Basic Attention Token and USDCoin.
  • The CRC, backed by Coinbase, Kraken and other US crypto firms, supports regulation clarity for the industry.

The Crypto Rating Council (CRC) has evaluated IOTA, Brave's Basic Attention Token (BAT) and the USDC stablecoin over whether they should be classified as securities. 

The CRC, backed by Coinbase, Kraken and other exchanges, is a collection of major United States-based crypto firms established in September 2019. The group advocates for and promotes regulation clarity in the industry of cryptocurrency, including analyzing whether or not certain assets should be classified as securities. 

According to an April 2 post, the CRC released rating scores for IOTA, USDC and BAT, in addition to updating its rating for Maker and Polymath. The scale ranks from 1 to 5 with a lower score correlated to few or no characteristics consistent with treatment as a traditional security. 

BAT was given a rating of 2.00, with the council highlighting the coin’s utility as fully open-sourced and supporting the development and use of the Brave Browser. IOTA also scored 2.00, indicating that the currency is unlikely to be viewed as a security.

USDCoin, a stablecoin backed by Coinbase and Circle, was rated 1.00 by the council, consistent with other stable price-pegged coins such as DAI.  

While the CRC’s determinations have no official impact on the opinions of regulators such as the Securities & Exchange Commission (SEC), they do provide some insight to investors on the state of crypto-assets. 

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