Bitcoin Private (BTCP) “Adopted” John McAfee
The Private (BTCP) digital asset may just see its fortunes reversed – John McAfee has tweeted his support and lent his team for promotion and marketing. This immediately affected the BTCP market price, which spiked by 26.6% overnight, to $25.66.
Yet those prices are hardly impressive, given that all BTCP has done was slide to lower and lower ranges. With Bitcoin prices in their next shakedown, BTCP is also limited in its growth. The asset is still awaiting the HitBTC listing, and there is talk of paying fees to get on Binance.
The future for BTCP may not be bum-free. While privacy coins are all the rage, there may be regulatory issues with their anonymous nature. Recently, Japanese exchange Coincheck ditched the most prominent coins with anonymous features – DASH, Monero, and ZCash.
Now, BTCP aims to become the coin leading a new privacy movement – but it is one of the newest coins, and off to a rough start. In addition to a failure to get listings on big exchanges, the BTCP team is seeing conflict, mostly between the now-ousted Rhett Creighton, and two of the current developers. Creighton accused the developers of stealing funds from the project’s treasury.
At the moment, there are two Telegram groups with alternative narratives when it comes to the team’s actions. The contentious issue is that the project’s treasury had the funds for a paid listing on Binance, but did not pay the right price and was turned down.
From this point onward, despite the John McAfee tweets and support, BTCP will have a long way to go with marketing and trading support, to line up among the leading coins.
The involvement of McAfee has stressed the issues of privacy, a topic that has been tweeted before. McAfee has also supported privacy coin Verge (XVG), which went on to spike to phenomenal prices before sliding.
For BTCP, there is also the threat of mining attacks, as the coin is still only secured by GPUs, and a takeover may be easier. Recently, (BTG) saw exchange wallets attacked, in an attempt to divert funds through double-spending.
In the end, BTCP may boom if it hits larger exchanges, but it remains one of the riskiest assets. Without a large market and liquidity, the coin could drift sideways or slide to lower prices, existing with a rather limited community.
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