John McAfee’s new crypto predictions
Blockchain

John McAfee’s new crypto predictions

By Marco Cavicchioli - 22 Nov 2019

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John McAfee has publicly proposed some of his new predictions on the development of crypto. 

This time, interviewed by the YouTube channel Crypto Finder, he did not focus on prices, but on the use of cryptocurrencies and, above all, on the relationship between these technologies and governments. 

First McAfee pointed out that the blockchain is the only great innovative technology that does not come from government developments or large companies, but has been developed and disseminated by ordinary people. 

In fact, it all started with Bitcoin’s whitepaper, created by an anonymous private citizen and then it was developed and expanded by other private individuals.

This is a technology that, being decentralised, offers the citizens themselves the possibility to break free from the current financial system based on fiat currencies, which entails strong limitations and is used by states to control how citizens use their money. 

Cryptocurrencies, on the other hand, offer for the first time the possibility to break free from these controls, and to become completely independent from government authorities from a financial point of view. 

John McAfee: “Governments fear Monero”.

According to McAfee, all governments in the world are terrified of cryptocurrencies, but particularly of those with a high level of privacy, such as Monero. Whereas Bitcoin does not offer an adequate protection of privacy and does not have smart contracts. 

Consequently, according to the well-known crypto influencer, in the future Bitcoin may not be the standard for the common use of cryptocurrencies. It’s the first technology of its kind to have been developed and spread, but it’s also the oldest. 

In contrast, the cryptocurrencies that most frighten governments would be Ethereum, DAI and Monero, because of their concrete use as coins. This would lead many states, China in the first place, to develop their own cryptocurrencies, in an attempt to force their citizens to use the latter and not the former ones. 

The reason would always be the same: to monitor the citizens’ finances, in other words, how they use their money, so as to be able to tax them more effectively. 

Digital currencies of central banks are in fact practically the same as fiat currencies, allowing governments to further increase their supervision of citizens’ finances

According to McAfee, this would be the Holy Grail of totalitarian regimes and the governments that implement this type of technology will themselves become totalitarian governments. 

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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