Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
MGT Capital Investments Inc. (NYSE: MGT) is giving up a large chunk of its massive gains on Wednesday following the release of a bearish report by TheStreetSweeper. The tech company has been one of the surprise darlings of the market so far in 2016, delivering a staggering 1,350 percent year-to-date gain, even after selling off by more than 6 percent in early Wednesday trading.
Much of the stock’s huge move came following rumors and then confirmation that antivirus pioneer John McAfee would be taking over as the new CEO of MGT. In an interview this week, McAfee said that MGT’s new focus would be on “security and privacy,” and that its first product will be mobile anti-spyware program D-Vasive.
MGT Capital short-sellers have been getting hammered by the stock’s meteoric rise. But one MGT short-seller, TheStreetSweeper, believes that McAfee and MGT are all hype.
Related Link: Market Blows Off TheStreetSweeper's MGT Warning
“Though the press release doesn’t explain this, D-Vasive is a product of Mr. McAfee’s Future Tense Secure Systems, the company which will now be consulting for MGT,” TheStreetSweeper’s Sonya Colberg explains in the new report.
“MGT paid $300,000 cash and millions of cheap-o shares for the questionable privilege of taking Mr. McAfee’s languiching property and try to breathe commercial life into it.”
Colberg goes on to call on the SEC to look into recent McAfee promotional tweets and concludes that MGT’s stock is primed for a “tooth-rattling drop.”
Disclosure: the author holds no position in the stocks mentioned.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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