The eccentric creator of the McAfee antivirus assured that the cryptocurrencies that will enjoy a better performance in the market will be those with more emphasis on privacy, specifically mentioning Monero and ZCash as excellent options in the market.
The controversial entrepreneur director of one of the most recognized computer security firms, John McAfee, said that in his opinion if a government tried to promote the launch of a cryptocurrency, it would result in a great failure due to the regulations that it would have for its use. McAfee is known for sharing this type of statement since the beginning of the era of blockchain has expressed distrust of the financial system imposed by governments, and is skeptical of any release of digital assets that they can announce.
McAfee participated in an interview conducted by the YouTube channel The Grimerica Show, where he shared some reflections and opinions about the digital currency ecosystem, and how these assets are able to detract from governments making it impossible to exercise control over economic rights and financial people.
Specifically referring to the possibility of a government issuing its own cryptocurrency taking advantage of the benefits offered by this technology, McAfee commented:
“Any cryptocurrency that is driven by a government is doomed to fail … due to the power of control that governments would have over its use.”
It is a fact that McAfee shares very closely the principles behind the creation of Bitcoin; A cryptocurrency for the people, over which no government has authority. He has also said he is against the regulations imposed against the use of digital assets within the United States.
McAfee’s statements appear to reflect the Venezuelan government’s experience a bit after the issuance of El Petro, the digital currency allegedly backed by oil barrels, which analysts consider a failure due to the rejection seen among residents of the country and international investors. As of this date, the “Petro” is not listed in any Exchange and does not share any of the principles of a cryptocurrency, in addition to being supported by an oil production that remains in decline.
The right to privacy as a principle of cryptocurrencies
In contrast to governments’ intentions to issue their own digital currencies, McAfee said that decentralized currencies with an emphasis on the privacy of operations are the ones that will have the most opportunity to flourish.
The entrepreneur says that any cryptocurrency launched by a government would fall into a dynamic of control over the purchasing power of users and thus, would go against the purpose of almost all digital assets that we know today.
In this regard, McAfee said that governments despise currencies such as Monero and ZCash, precisely because of the difficulties they pose when monitoring operations, being resistant to government interventions thanks to their decentralization, and added:
“Governments must have a police officer in all US homes to prevent us from choosing something like Monero, which provides maximum privacy and anonymity … If we enter the field of currencies with an emphasis on privacy, the government cannot isolate a transaction with Monero on the internet.”
Taking advantage of the space, McAfee also criticized the measures promoted by the Indian government to avoid cryptocurrency trading among its citizens.
McAfee and controversy
Although McAfee acts as one of the main critics of governments and intends to run as the next president of the United States, he is currently embarking on a trip on his yacht in the Caribbean in what some classify as efforts to flee from the US authorities, precisely because of his refusal to pay taxes to the country.
McAfee recently made very controversial comments in which he offered his support to the government of Cuba for the creation of digital currency, with which they could trade and circumvent financial sanctions imposed by the US.
The eccentric businessman a few weeks ago was arrested by the authorities of the Dominican Republic. The members of his team clarified that the procedure was actually associated with the carrying of high-caliber firearms, a situation that was later clarified with the police forces.