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Investor John McAfee Says Cryptocurrency Could Soon Replace Fiat

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Investor John McAfee was a keynote speaker at the Malta Blockchain Summit on Friday. Here he spoke about the use of crypto for personal freedom as opposed to government control. He sees crypto’s dominance as inevitable, but also calls for people to take action to help it grow.

McAfee is a former software developer and founder of the antivirus company bearing his name. In 2016, he ran as the Libertarian Party’s Presidential candidate. He will run again in 2020, and plans to use the opportunity as a platform to promote cryptocurrency and blockchain.

McAfee is not concerned about the current slump of the crypto market and urges people to think long-term

He forecasts that Bitcoin (BTC) will be worth $1 million by 2020 and that the U.S. dollar will collapse a few years later.

According to McAfee, the potential for crypto to dominate lies with the people. While he admits that currently whales can control market trends, he believes that as the popularity of crypto grows, this will become irrelevant.

Liquidity will Increase Dramatically

Additionally, McAfee sees liquidity increasing dramatically. In fact, he doesn’t limit his prediction to the USD alone, but believes that all fiat will disappear:

“I don’t think anyone will use the US dollar or the Euro or the Japanese yen or any other currency in any other country. We will be using crypto in the very near future. [Fiat] will disappear

However, McAfee is not entirely opposed to government intervention.  He also recognizes the potential role of government to stimulate the growth of crypto.  He praises Malta’s approach and supports the installation of crypto regulations.

McAfee pits the people of the U.S. against the government, and has strong words on the matter

In his keynote address, he said, “We are subservient to a power structure that we have knowingly allowed to grow”.  He also speaks of how government control has veered from the vision of our founding fathers, calling the current state a “monster”.

McAfee highlights that the government and financial leaders want crypto to fail, because its success would mean a decline in power and tax money.

Finally, in his call to action against the current state of affairs, and his desire for people to have financial freedom, McAfee asks one last thing of us.  He says that we mustn’t treat crypto as just another investment, but rather as a form of payment. He urges citizens to use crypto daily in order to promote its growth.

 

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