“I am not a fan of bitcoin and cryptocurrency” due to their unregulated nature, those were the words of U.S President Donald Trump on July 11, 2019. It was simple enough, yet very powerful to get the attention of the crypto community and that of John McAfee.
According to the Bitcoin proponent and founder of McAfee Associates, regulations only hurt law-abiding people instead of criminals who are bound to break them.
Donald Trump Speaks On Cryptocurrencies For The First Time
It was a field day in the cryptocurrency community yesterday after Donald Trump made a series of tweets about his stance on bitcoin and cryptocurrencies. The U.S. president opined that he is not a fan of crypto assets and they are not money. Also, their value is highly volatile and based on thin air.
What was even more intriguing is Mr. Trump’s perception that these unregulated cryptocurrencies can be used to promote unlawful behavior such as drug trade. Thus, the use of this asset class by cybercrime actors can be said to be the reason for the president’s bone of contention with them.
John McAfee Addresses The U.S. President
On the other hand, Donald Trump’s comment warranted some from John McAfee who is outrageously confident that bitcoin will hit $1 million by 2020’s end. In a video specially addressed to Donald Trump on July 12, 2019, the computer programmer opined that the advent of technology has also led to an increase in crime. However, the world at large has benefited immensely from its use.
Some instances the bitcoin bull pointed out is the invention of the telephone. According to McAfee, the telephone created a new America because it transformed people’s lives for the better. The average American, for instance, can communicate instantly and likewise criminal organizations who employ phones to facilitate their activities nationwide.
Automobiles Are Also a Boon for Criminals
Similarly, the automobile became a boon for criminals because prior to its launch, many bank robberies were unsuccessful. Nonetheless, its invention provided a getaway vehicle and an easier means for stolen funds to be moved across borders quickly. It can, therefore, be said that the invention of cars led to a surge in bank robberies, he said.
McAfee took it one step further by calling out the internet which the world has come to depend on a daily basis. In his opinion, the internet also led to crimes of a sophisticated nature since international crime organizations can now communicate electronically, easily, and instantly.
After outlining each of these, McAfee said cryptocurrencies are no different and they will definitely benefit villains. “Nothing will ever change,” he adds. They may have been adopted by criminals, but are facilitating cross border payments even for the average individual.
Moreover, the president’s call to regulate the crypto space will only hurt law-abiding people instead of criminals who always find a way to break or ignore regulations and laws.