John McAfee blames Indian banks for Cryptocurrency fall

The gradual decline of Bitcoin is resulting in other cryptocurrencies to either fall or stagnate in the market. While the 'decline of crypto, is inevitable, 'famed cybersecurity expert and Bitcoin investor/advocate John McAfee told other investors not to abandon bitcoin yet. He has even devised a theory as to why cryptocurrencies are suffering, particularly in India.

Earlier this month, Indian finance officials announced a clampdown on all exchanges of cryptocurrency by Indian banks. The effect was similar to how cryptocurrency rates received a blow 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, by remarking 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 replied 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."

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