McAfee: Cryptocurrency Will Make Banks Obsolete
John McAfee is one of the most odious admirers of cryptocurrency. He even tried to run for president of the United States and all for the sake of one goal – to popularize cryptocurrencies.
NakamotoJedi talked with John McAfee to understand whether he will participate in the next presidential race and what the future of cryptocurrency is.
Special for you, we provide a transcript of the exclusive interview, in case you don’t want to watch the video.
It's your first time in Malta. Malta is a little bit wild. You know it's a Mediterranean island there are influences from all over. It was occupied. You know I think there's a certain freedom spirit. Do you like it?
I do. I live on an island myself in America off the coast of North Carolina. I like island life. It's very intimate. Everybody knows everybody. Malta is a little bit larger than the island I live on. But I'm very pleased with the I've seen so far.
Let's jump right into your plans for the presidency. What's your plan?
Well, this is my second time running I ran in 2016 under the Libertarian Party. It's the third largest party in America. I Lost the nomination to Governor Johnson by a narrow margin. This time I think I'll win but it doesn't matter. Last time I was on the national stage for a year that's all I want. I want to get national attention again so that I can talk about cryptocurrencies and the blockchain and how that can help us free ourselves from corrupt overburdened governments and power structures that we would like to shake off.
Let’s say you were to become the president would you say bitcoins become official currency?
I'm not going to be president everybody knows that. It's impossible. If you look at my background, I can't be the president. I’d make a terrible one.
Maybe another way. You know Joseph Muscat you've seen him speaking what would you recommend. Joseph Muscat here in Malta do to make the island more crypto friendly?
Well, I think the governments eventually will have no control whatsoever. When we have distributed exchanges meaning there is no local central processor that creates the exchange when it's distributed around the world. Whatever regulations government wants to make are meaningless.
You mentioned once in an interview that Pandora's box has been opened and you will never get that idea back in the box?
Well, it has been open. I mean. First of all, cryptocurrency is a mathematical formula. It's free from the influence of human negativity and human frailty and that mathematical formula has begun running. It Is a process, it will not reverse itself. So you cannot put it back in the box. We will have to live with its existence and its growth. It will eventually take over.
You probably know Andreas Antonopoulos. He's one of the most important speakers in the Bitcoin space. He wrote “Mastering Bitcoin” and “The Future of Money”. And he said it's basically like if it would rain outside and the TV is saying it's raining outside and you're preparing as it rains and then the government comes and says it's not raining. They tried to shut down the TV, and it's not possible…
Well, that's exactly what's happening. Governments are not really closing their eyes themselves, but they know what's coming. Governments and banks. Cryptocurrency will eventually make banks obsolete. It's more convenient it's faster it's more private. And it will make governments have to make themselves smaller as we adopt privacy coins and our incomes cannot be tracked. People don't know how much money we make or where what we spend it on. Then governments cannot tax. And they will have to find alternate means of revenue.
In America, prior to the Civil War, we had no taxes, and we got by just fine. Governments charged for the bridges that they built. And when you cross the bridge, you pay a small sum. And when you traveled on a government road, you paid a small sum. Well, that's reasonable. They build the road we should pay for it. But it's gotten way out of hand. And so governments will have to get back to that.
And all of these people that are in government doing nothing but sitting at desks taking salaries are gonna have to find real work.
What job can such people – rent seekers, bankers and politicians - do?
The primary job is to educate themselves and their citizens about cryptocurrency and about what's going to happen. Because governments have to see the truth of what is coming. Honest governments will honestly make a change, and we'll honestly accept that this is coming. We have to live with it.