“Everybody should start using crypto and not worry over fluctuations in the market,” suggested John McAfee in a conversation with Coin Rivet at Blockchain Summit Malta. “Everybody, including myself, should start or continue experimenting with cryptocurrency.”
He recommended people veer away from viewing cryptocurrency as an investment and instead as a tool and “a way to transact business and that’s where the power lies. The the fact that the currency will grow in value, well, that’s just an added plus, but not its purpose.”
Up until this point, the interview had been exclusive, but McAfee’s team stepped in, including his wife Janice McAfee, as a couple of dozen media representatives appeared in the background. Coin Rivet waited for them to jump in, but none did, so the interview continued on. “Please don’t be shy. He won’t bite,” said Mrs McAfee to no avail.
“And don’t worry about these temporary fluctuations. I mean these are short-term fluctuations. In two years time, two things will happen: Bitcoin is already expanding in the user base tremendously, and in the number of transactions, that’s where the true value is,” McAfee said.
“If you want to do a wire transfer from your bank, you have to get out of bed, get in your car, drive to your bank, fill out a form, sign it, and wait 24 hours for the delivery… With crypto, I can transfer now, and it will be where I want it in a matter of 30 seconds, and I can go back to sleep. If you compare the facility and the power of crypto with fiat, it’s no contest”
Market manipulation out of fear
“The bear market is artificially created by those powerful entities who fear cryptocurrency, but they can’t when it’s out of Pandora’s box, and it will not ever go back in,” he declared. “So, whether they like it or not, they will eventually have to live with it.”
McAfee has high hopes for what blockchain and cryptocurrency can achieve.
“I can’t say about poverty, but you can certainly end corruption because it will end the power structure,” he commented. “What is it that enslaves the common person today? It’s the financial control of your life by those who create the field?”
“Those who can increase the money supply to then decrease and change interest rates? If you have a peer-to-peer transaction, which is private, trustless and most importantly permissionless, then you don’t need anybody’s permission.”
“You are under no one’s control, but the own mistakes you make are your responsibility. At that point, we’re free and when we are free governments as we see them today will completely be transformed not because they want it, but out of necessity”.
Bitcoin in criminal activity
“There have been criminal elements since the beginning of time, and there always will be,” he added. “The fact that they’re using cryptocurrency now doesn’t make any difference as dollars bills too are being used for laundering activities.” He explained that Bitcoin and altcoins will continue to be used by criminals just as fiat currency is. However, legal use will also grow and outbalance the dark side.
Their brand is crisis
The next financial crisis is around the corner, but “I think there’ll be a different crisis this time and it may not even be a crisis if nobody’s using dollars. Do we care what happens to the dollar? Now the dollar will devalue to the point of zero. Why nobody’s using it? What is the value of the currency to demand for it? If there’s no demand for the dollar, what will happen? It’ll sync to nothing, which is part of my prediction of a million dollars by the end of 2020 for Bitcoin because already I think there is pressure on national fiat currencies due to cryptocurrency.”
He believes a group of cryptocurrencies will eventually prevail over fiat.
“Bitcoin will no doubt continue to grow, it will not collapse. I know that a cryptocurrency or a group of cryptocurrencies will prevail. It doesn’t have to be one that you like,” he said. “There are privacy coins. Some coins have more rapid transactions. Some coins have more stability, but maybe it costs more per transaction. There can be millions of them. It doesn’t matter, but it will be a collection of cryptocurrencies and not just one cryptocurrency.”
He concluded: “Because those of us who are using crypto, whether it’s Bitcoin or Ethereum or Monero, already know how easy, how efficient crypto wallets are.”
Banks simply aren’t as efficient, he argued. “If you want to do a wire transfer from your bank, you have to get out of bed, get in your car, drive to your bank, fill out a form, sign it, and wait 24 hours for the delivery… With crypto, I can transfer now, and it will be where I want it in a matter of 30 seconds, and I can go back to sleep. If you compare the facility and the power of crypto with fiat, it’s no contest.”