'It's embarrassingly huge': John McAfee reveals why he charges over $100,000 for each market-moving cryptocurrency tweet

The cybersecurity pioneer tells The Independent that the tweets add millions of dollars to the value of cryptocurrency

Anthony Cuthbertson
Tuesday 03 April 2018 19:40 BST
What is Bitcoin and why is its price so high?

Cybersecurity pioneer John McAfee has revealed that he charges $105,000 for a single tweet about cryptocurrency.

Mr McAfee, founder of the eponymous security software, has turned his focus to cryptocurrency in recent years and is using his influence within the community to promote nascent ventures.

A recent post to his McAfee Crypto Team website revealed the cost for any company to promote their product through his Twitter feed, and with 280 characters available it works out at $375 per character.

“I’m the only person in the crypto field that has openly divulged the outrageous amounts of money charged by crypto promoters,” McAfee tells The Independent.

“It’s embarrassingly huge, but it’s true. I have been getting these fees for over six months. I decided to go public with it because I am an advisor to many of these companies and I know that I’m in the cross-hairs of the SEC [US Securities and Exchange Commission], so it is in my interests to prove transparency.”

McAfee’s website cites an “ad-hoc study” by Motherboard that suggests his tweets have a significant influence on the price of cryptocurrencies.

Just one promotional post about a digital currency to McAfee’s twitter followers — 812,000 at the time of writing — caused the price to rise in value from between 50 and 350 percent.

“We can provide promotions through tweets alone - which are proven to be highly effective - or through tweets that are co-ordinated with our professional writing and blogging division,” the McAfee Crypto Team website states, adding: “We turn down over 90 percent of all companies wanting to buy our services.”

McAfee did not reveal the full amount he has received from his latest business venture but on Monday he took a break from tweeting about cryptocurrency to show off pictures of a home he recently bought on the island of Dominica.

Other notable figures who have endorsed cryptocurrencies include the boxer Floyd Mayweather and the actor Jamie Foxx.

The cryptocurrency firm endorsed by Mayweather raised $32 million through an initial coin offering (ICO), however its founders have since been charged with fraud by the SEC. A spokesperson for Mayweather was not immediately available for comment.

McAfee warned that other promoters who have not been as open about their dealings with cryptocurrency firms may also face repercussions.

“Others who are still keeping their financial arrangements private are going to be in for a huge awakening when they receive their SEC subpoena,” McAfee told The Independent.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies


Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in