Cybersecurity Expert McAfee Blames Indian Banks for Cryptocurrency Drop

Crypto investor and global cybersecurity developer John McAfee pinpoints cryptocurrency's current struggle on India's resistance to trading.

Cybersecurity Expert McAfee Blames Indian Banks for Cryptocurrency Drop
McAfee, founder of his signature cybersecurity company, discussing cyber crime in a recent interview John McAfee via YouTube

As Bitcoin's slow fall continues, other cryptocurrencies on the market are stagnating and starting to fall as well. While a number of experts hold their opinions regarding the 'decline of crypto,' famed cybersecurity expert and Bitcoin investor/advocate John McAfee told other investors not to abandon bitcoin yet. He even has a theory as to why cryptocurrencies are suffering -- India. 

Earlier this month, Indian finance officials announced a crackdown on all exchanges of cryptocurrency by Indian banks. The effect would be similar to how cryptocurrency rates took a hit after various Asian markets started regulating policies more heavily. 

As with a lot of his cryptocurrency insights, McAfee took to Twitter to share his thoughts. In the tweet, McAfee said, "Again...don’t panic. Banks in India are cracking down on accounts connected to crypto exchanges, causing the dip. But distributed exchanges are only a few months away. Impossible to crack down on."

McAfee even shrugged off skeptics who said they would start worrying upon bitcoin dropping to $9,000. (As of this writing, bitcoin's value currently sits at $11,176.) McAfee noted that bitcoin wouldn't stay down for long. 

"Who cares what bottom Bitcoin hits? It will be back in less than a month. Fiat currencies are the water. Cryptocurrencies are the floating objects. Push one down as deep as you want. It will, with certainty, rush back to the top," he said in another tweet.

Another Twitter user responded with "Do not underestimate the pain India could give to the world [or] rather universe."

McAfee replaied with "Not underestimating at all. I know India's power. But no Bank in the world can affect a distributed exchange. There are many in the works right now."

Cryptocurrencies and India

India remains one of the fastest growing economies in the world. However, policy changes have meant that the GDP growth came without the boost from cryptocurrency trading, according to Bitcoin Magazine's Andrew Nelson. 

Earlier this year, India's Finance Minister Arun Jaitley said that "bitcoins or such cryptocurrencies are not legal tender and those indulging in such transactions are doing it at their own risk."

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Technically, Jaitley said the transactions were simply risky -- an observation made by marketing head of the New Delhi-based coin exchange Coinsecure Aman Kalra. 

"If we listen to Mr. Jaitley’s comments carefully, we’ll notice that he never referred to bitcoin and other cryptocurrencies as illegal, and always mentioned that they are waiting for the report from the group that was formed for this purpose," Kalra said. 

However, while Kalra's observations might be true, the tone taken by Indian financial officials are enough to dissuade most market trading. And, if you're McAfee's opinions, that lack of trust is enough to cause dips on a global scale. 

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