Former McAfee Pump Revived as Bitcoin Private (BTCP) Hits 53% Weekly Growth

Bitcoin Private (BTC) gained 53% against the dollar over the last week, with the majority coming on Wednesday morning as trading exploded on HitBTC.

A privacy coin once shilled by John McAfee, Bitcoin Private lost over 99% of its value since it commenced trading in March 2018. Even before the coin price sunk, BTCP had gained a reputation as a scam, and a glance at its Bitcointalk forum page reveals numerous disgruntled investors who have all but given up on any real recovery.

Bitcoin Private Price – BTCP/USD

From the weekly low of $1.01 on Feb 8th, BTCP climbed to a valuation of $1.55 by Wednesday morning. That’s a 53% gain, and by the time the peak arrived daily trades had crossed the $100,000 mark for the first time since the December 2018 selloff.

Daily trades would have been closer to their average of around $40,000 were it not for BTCP/BTC and BTCP/USDT action on HitBTC. Over 80% of trades came from the exchange, representing a drop in its $0.5 billion ocean.

From the all-time high of $86.73 on March 12th, 2018, Bitcoin Private lost 99.06921% of its value, as it fell to $0.807266 on January 30th of this year.

“It Will Still Pump…”

Despite the fall, and a reputation as a scam, or shitcoin, some investors are keeping a hold of their BTCP coins in anticipation of it getting swept up in the next bull run, like this one from Bitcointalk:

“This coin has been a disaster since it began, I still hold my 150k worth of BTCP (now like 2k or whatever) and I will average down a little at this price because one thing I know for sure is: no matter how fucking useless the crooks behind this coin are, it will still pump next time around.”

Another suggested that all Bitcoin Private has really achieved in its short life so far is to drag the name of cryptocurrency and Bitcoin through the mud:

“An embarrassment for the crypto community and bad name and reputation for Bitcoin (since it is the best known) is what the BTCP team is doing with what they have done.”

Bitcoin Private History

In early 2018, Bitcoin Private forked from Zclassic (ZCL), which itself forked from Bitcoin. The developers clearly invested time and effort into building a reputation as a privacy coin, as evidenced by this prophetic tweet from famed crypto shill John McAfee. The presidential candidate could be dragged through the coals by the future’s political media for this bold statement:

“BTCP is a true privacy coin. You and I both know it has nowhere to go but up.”

The Bitcoin Private community on Reddit continue to search for answers while controversy surrounds the recent secret minting of $3.9 million worth of BTCP by the coin’s developers – another string in the bow of the ‘true privacy coin’.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.