Home / Latest Bitcoin News / John McAfee’s Bizarre Crypto Hustle

John McAfee’s Bizarre Crypto Hustle

John McAfee speaks at the China Internet Security Conference in Beijing on August 16, 2016.
Photo: Fred Dufour/AFP/Getty Images

In May of 2017, a 26-year-old social-media marketer named Peter Galanko made an investment in Verge, a little-known cryptocurrency trading under the symbol XVG. At the time, the great cryptocurrency mania, which saw Bitcoin climb 25-fold by the end of the year – it would fall fall all the way back to a fifth of its December 2017 peak by the end of 2018 – had only just started to heat up. Verge was just one among thousands of nearly indistinguishable digital currencies that traded at a fraction of a penny. But soon after Galanko got in, Verge took off like a runaway balloon, corkscrewing up to half a cent by late August. Galanko, who’d taken to styling himself @XVGWhale on Twitter, had more than quadrupled his money. But now he had an idea for how he could do even better: He needed John McAfee.

The Rocky Mountains were dappled in autumn yellow as Galanko and his girlfriend set out on the two-day cross-country trip from Colorado to rural Tennessee. Their destination was the home of McAfee, the 72-year-old antivirus software multimillionaire who, after escaping from a police investigation into the violent death of his neighbor in Belize in 2012 and boasting in graphic detail about his adventures with the powerful drug bath salts, had transformed himself into a public figure “who many see as a well-respected cryptocurrency soothsayer,” as Slate magazine put it. In mid-July, McAfee had tweeted that Bitcoin, then trading at around $2,300, would be worth $500,000 by 2020, and that if it were not, “I will eat my dick on national television.” By the end of August, the price had more than doubled, and many took this as evidence of McAfee’s foresight. Galanko figured that a good word from McAfee about Verge — whose market would be easier to influence than Bitcoin’s vastly larger one — could send the value of the cryptocurrency dramatically higher.


Original Source

Check Also

Here’s Where Bitcoin Use is Surging

Last year, bitcoin, the largest cryptocurrency by market capitalization, shed 80% of its value. One …