The outspoken businessman, digital security expert and crypto advocate John McAfee believes that virtual currency prices are about to rebound from the recent slump and increase in the coming months. Despite the fact that crypto markets took another beating yesterday, with bitcoin dropping below the $8000 mark, he believes a change in fortunes is just around the corner.

McAfee’s reasoning behind the supposed crypto upturn adds to the growing chorus of voices, claiming that institutional investors will revitalize the digital currency market. The renowned tech activist went on to add that top 10 cryptocurrencies will “go through the roof” and most other altcoins will follow, as investors will look to diversify their portfolios.

Institutional investors are preparing to enter the cryptocurrency market with a vengeance. They are generally long term investors and will be pumping billions into the market. Expect the top ten coins to go through the roof fairly quickly. The bulk of alt coins will soon follow. — John McAfee (@officialmcafee) May 21, 2018

However, when asked for some basis of this opinion, he instead suggested his followers use their own heads to realize the imminent digital currency surge.

No opinion. Just check the recent news on institutional investors. Please people. Use your own fucking heads. — John McAfee (@officialmcafee) May 21, 2018

McAfee has already gained some notoriety for his bold crypto-related predictions, such as the claim in 2017 that “bitcoin will be $500k in the year 2020.” Notoriously, later that year McAfee went on add that he will “eat his di*k if Bitcoin didn’t hit $1 Million by December 2020.“ Hopefully, we won’t have to witness that, although the $1 million prediction surely sounds nigh-impossible in the current climate.

Nonetheless, the institutional investor influx into the crypto markets is noticeable and should not be overlooked. At the start of the week, Coinbase has announced a new range of institutional products, while the LMAX Exchange Group launched the first cryptocurrency exchange, aimed directly at institutional clients.

Furthermore, the financial stalwart Goldman Sachs will be opening the first bitcoin trading desk in the history of Wall Street and there have even been reports that the New York Stock Exchange is in the initial stages of opening its own online bitcoin trading platform. Should these huge players of the financial industry enter the nascent crypto markets, the price spike of some sort seems likely.

McAfee continued to make further predictions in his Twitter feed, claiming that bitcoin will surpass $15000 in June before receding in July. Since it is trading for $7856 at press time, this means McAfee is expecting a nearly 100% growth in the span of a month, which is a bit naïve, to put it mildly. You can read his full set of presumptions and claims here:

The McAfee Short Term Predictions: pic.twitter.com/AVrKmkevLz — John McAfee (@officialmcafee) May 22, 2018

The broad consensus among the crypto aficionados is that the market is maturing after hitting record heights in December 2017. The institutional money would surely boost the credibility of cryptocurrencies and would likely result in increased security and liquidity, which is good news for everyone involved.

Image Source: “Flickr”