Breaking news in Crypto and Market Forecast

Breaking news in Crypto and Market Forecast

By: Damian Okonkwo

ABSTRACT:

•Cyber Legend and Crypto Currency influencer John McAfee dies Mysteriously at Spain Prison after the Announcement of Extradition to the US Court

•Paraguay Proposes a Bill to Adopt Bitcoin As Country's Legal Tender

•El Salvador Government to airdrop $30 in Bitcoin to every adult citizens

•Market Analysis and Forecast: Bitcoin and Altcoins

1.0 Cyber Legend John McAfee dies Mysteriously at Spain Prison after the Announcement of Extradition to the US Court for tax evasions.

The Cyber Legend John McAfee, a UK born computer pioneer and founder of the antivirus software - McAfee which he named after himself, has been found dead in Spain Prison. This sad incident had occurred hours after the countrys highest court, approved his extradition to the United States, where some tax evasion charges that carry a prison sentence up to 30 years has been laid against him.

His Mysterious dead which some argued might be suicide as no health challenges have been previously reported against him to have led to his death was confirmed by Catalan‘s regional police force, the Mossos d’Esquadra, in a statement released to the public.

According to the report, “McAfee aged 75, was found dead in the Brians 2 prison near Barcelona, late on Wednesday.”.

•Incidence before his Death and the charges Labelled against McAfee:

On Wednesday, June 23, 2021, Spain‘s highest court finally approved McAfee’s extradition to the United States. This is found in the statement released by the court: “The court agrees to grant the extradition of John David McAfee as requested by the American judicial authorities for the crimes referred to in the tax offence indictments for years 2016 to 2018.”

Recall that McAfee - the antivirus software creator was arrested last October at Barcelona International Airport as he was about to board a flight to Istanbul. The arrest of the entrepreneur came a day after authorities made public, a US indictment emanating from alleged tax offences. Tennessee prosecutors had charged McAfee with evading taxes after failing to report income made from promoting cryptocurrencies while he did consultancy work, as well as income from speaking engagements and selling the rights to his life story for a documentary.

After making a fortune in the 1980s with the software that still bears his name, McAfee had in recent times increasingly indulged in erratic behaviours, most recently as a self-styled cryptocurrency guru claiming to make $2,000 a day.

•Speculations regarding the manner of his death.

Spanish authorities believe it could be a death by suicide, the department said in a statement, adding that the “Judicial staff have been dispatched to the prison and are investigating the causes of death.” However, the public tend to believe otherwise hence the emergency of a multiple causes of his death.

Notwithstanding McAfees own legal representatives in Spain, informing Reuters that McAfee had hanged himself rather than face life in prison, the internet had been ablaze with conspiracy theories asserting McAfee had not died at his own hands.

This position was fueled all the more after his death was reported when McAfees official Instagram account shared an image of the letter “Q,” igniting excitement among QAnon conspiracy theorists. It was later observed that QAnon influencers on Telegram with “hundreds of thousands of followers” were sharing posts doubting the suicide story.

Further, McAfees own tweets have been reposted endlessly on Thursday, including one from December 2019 claiming the government was threatening to assassinate him and not to believe any version of events where he committed suicide. The tweet was however, promoting his “WHACKD” crypto token, which referenced the death of Jeffrey Epstein and linked to a site where the token could be purchased.

Such tweets and subtle messages from U.S. officials saying, in effect: “We're coming for you McAfee! We're going to kill yourself”. I got a tattoo today just in case. If I suicide myself, I didn't. I was whackd. Check my right arm. Have filled the internet space. Hence, most fans believing he must have been secretly killed by unknown people rather than committing suicide as claimed.

A close study of McAfees tweets from prison had interestingly revealed an increasingly weird tone in recent weeks. In May, he revealed he had discussed suicide with a fellow inmate. “Today a man facing a difficult situation asked if I knew of painless ways to kill himself. Having little experience in such, I was of not much help.” The surprising thing is that the tone of the discussion was like discussing the taste of suicide.

Next, he spoke of being “an old man lost in a near infinite Twitter verse — like tears in rain” and admitting to “having a down day.” Thus this tweets seem to reveal that McAfee had actually pondered suicide while in prison.

Accordingly, McAfees Spanish lawyer, Javier Villalba, has reported that he believed that “McAfee simply could not tolerate being locked up”. In his descants, “This is the result of a cruel system that had no reason to keep this man in jail for so long.” As McAfee has lasted close to 9 months in prison.

2.0 Paraguay Proposes a Bill to Adopt Bitcoin As their Country's Legal Tender

The South American nation - Paraguay has just initiated the first step towards making Bitcoin a legal tender in the country. The bill proposal was affirmed by a member of the parliament Carlitos Rejala who boasted the country's image and threw Crypto Traders into great excitement when he announced that the Congress was delibrating on the bill currently.

“The bill, if passed will position Paraguay as the second country to embrace Bitcoin as legal tender after El Salvador.”

Further, Carlitos explained that “the bill will help position the country to trail the path of growth for the next generation.” This is no doubt, an indication that the country has the interest of the next generation at heart always.

The news no doubt has come as another positive news for Bitcoin that will further strengthen the confidence of investors to embrace Bitcoin as a trusted store of values and help regulate the unwarranted dumping of the Coin, especially as we have witnessed consistently in the past two months with the Chinese government clamping hard on a daily basis on Bitcoin as well as the Chinese FUDs. Blockchain technology no doubt has come to stay as well as all Crypto currencies built on the system; with Bitcoin standing out as the most dominant. Undeniably, Bitcoin is gradually complementing the existing traditional Fiats for payment and reducing the dollar hegemony. Payments with Crypto has efficiently replaced the barrier and difficulties in exchange of currencies across different borders especially the high charges and taxes involved. Hence, every adoption of Bitcoin as a legal tender in any country triggers the interest of Crypto Traders and other Foreign exchange investors to identify all the more with such country. We hope that this bill therefore will soon receive final approval in the Paraguayan parliament.

3.0 El Salvador Government to airdrop $30 in Bitcoin to every adult citizen

The president of El Salvador has announced the government will airdrop $30 worth of Bitcon (BTC) to every adult citizen of the country.

The news of this Airdrop distribution was announced during the June 25 press conference, with President Bukele stating the governments “wallet app will even work anywhere with a cell connection, and you won't have to have a cell plan for the app.” This is basically due to the strong network created for Bitcoin transaction within the country.

President Bukele also stated that the countrys much-celebrated Bitcoin law recognizing BTC as legal currency nationwide will come into effect on September 7, 2021.

Following the instructions, every El- Salvadoran adult who downloads the governments Bitcoin wallet app will be eligible for an airdrop of $30 worth of BTC.

Thus to be able to do this, the El Salvadors government will need to purchase the required amount of BTC it intends to distribute among its citizens thereby adding more than $150 million in buying pressure on Bitcoin. This is no doubt a big positive news for Bitcoin especially in this recent dump on it since the last two months.

Our estimate of the adult population of El Salvador using Google search, ranged close to 4.8 million which means that Bitcoin holders will no doubt witness a new addition of roughly 4.8 million wallets.

Interestingly, this move by the El Salvador's government will further increase the market capital of Bitcoin once the said amount is purchased to distribute to its adult citizens.

Other demographics studies carried out placed the Salvadoran adult population as high as 6.5 million (which is actually the total population), but this is different from the announcement from the government on those eligible to receive the Bitcoin Airdrop.

Nevertheless it is possible that not all the eligible adults will receive it following the local publication Prensa Latina notes which had it that the El Salvadors citizens “will only receive the free Bitcoin after downloading the government-issued cryptocurrency wallet application.”

The government of El Salvador has provided itself to be a Blockchain and digital innovations friendly administration. His will always remember the President for the pace set across for other nations towards adopting Bitcoin as a legal tender and further prompting the whole citizens to key in towards this direction.

4.0 Market Analysis and Forecast: Bitcoin and Altcoins

The Crypto market has bleeded more this month more than it did last month. This month of June saw a new all-time low (ATL) for Bitcoin and Altcoins once again. With Bitcoin falling down to a new support at $28900. The market was quick to defend this region and we saw Bitcoin return back to 35500 within a few days. However, Bitcoin has failed to break the resistance upwards for the whole month of June signalling a great clamp down at the moment on the buying power. There is currently a great selling pressure on Bitcoin and this will definitely push the price down once more. We expect a retest of the new support at 28900 in the new week and possibly a break down below it as to attract new buyers to come at this point to forcefully push up the price once more. Altcoins will definitely follow in this expected huge drawdown. The Bears are currently still dominating the market despite the ongoing accumulation of Bitcoin and Altcoins in recent times. We only expect a healthy growth for Bitcoin in the coming months especially in the months.