Cyber security pioneer and 2020 US Presidential candidate John McAfee has ridiculed Donald Trump’s recent tweets about Bitcoin and the crypto space in general.
— John McAfee (@officialmcafee) July 12, 2019
Taking issue with the US President’s claim that cryptocurrencies could be used by criminal organisations, McAfee states that the telephone “created a brand new America, it changed people’s lives, including criminals. They could use the telephone for criminal activities nationwide.”
Prior to the invention of the automobile, meanwhile, bank robberies were rare and unsuccessful. “The getaway car created a tenfold increase in bank robberies. The internet has resulted in international criminal organisations that can meet clandestinely and electronically.”
Crypto is no different. Of course it will benefit crooks. But at the same time, regulations and laws are broken. They only hurt law abiding citizens. “Please, Mr Trump, get a clue,” McAfee concludes.
Regulation is necessary
It’s a point of view not shared by Nigel Green, Founder and CEO of deVere Group. Cryptocurrencies are already becoming mainstream, he noted this week. As such they should adhere to the same standards as the rest of the financial system.
“Regulation is necessary as it will provide further protection for the growing number of people using cryptocurrencies, the less likely it will be that criminals will use these digital payment methods, the less potential risk there will be for the disruption of global financial stability, and the more potential opportunities there will be for higher economic growth and activity in those countries which introduce it,” Green said.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.