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John McAfee: “I do not think governments can stop Bitcoin”

John McAfee: “I do not think governments can stop Bitcoin”

The war between world governments and Bitcoin has already begun. This is the opinion of the founder of MGT Capital Investments and the creator of the anti-virus McAfee Security, John McAfee.

I do not think governments can stop Bitcoin

McAfee statement was made against the backdrop of the ban on holding ICO and tightening of regulatory measures against crypto-exchange exchanges in China, as well as loud statements criticizing the Bitcoin from a number of world representatives of traditional finance.

Any other technological invention hasn’t drawn attention of the World Wide Web and its users such as Bitcoin cryptocurrency, which has been created for the solution of the problems connected with bank branch, did.

Days of conventional banking are numbered, taking into account the constant growth of Bitcoin whose basic technology of blockchain promises to reduce the role of the intermediary together with their shocking collecting fees. This will help to protect transactions with the use of the distributed system of accounting that will lead to the decentralized transactions with rather low commission charges.

This absence of the central exchange puts the governments, which do the income, taxing the movement of money, in a binding, the head of MGT Capital Investments Inc has told.

“The main source of income of the state is income tax. If everyone uses Bitcoin, the government will not know what your income is. They will not be able to impose taxes on you. If you say that your income is zero, they will not have the opportunity to prove otherwise. That’s what the state regulators are afraid of, and no law can stop the bitcoin. They simply cannot do it technically, ” McAfee said.

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He also stressed that for century’s authorities and banks have taken control of their lives from people, and it’s time to change the situation.

But it doesn’t mean that the space of cryptocurrency can exist in the unregulated environment. According to McAfee, the sector needs self-regulation so that people do not deceive money from other people, for example, in case of initial coin offerings (ICO).

The head of MGT Capital Investments admitted that the Chinese authorities are right about the many fraudulent schemes associated with the ICO, but is convinced that state regulators cannot stop Bitcoin. He responded to the head of JPMorgan Chase & Co, Jamie Daymon, who criticized the crypto-currencies and promised to fire employees for trading Bitcoins.

“The fear is in the fear of governments and central banks, like JPMorgan, which is America’s largest bank,” he said. “The CEO is so concerned that he acted like a madman and called Bitcoin a fraud, said someone is going to get killed eventually. It’s like, what are you talking about? It’s nonsense. So banks and governments are the ones that have the fear. Well they should have some fear. They have taken control and power away from their citizens for hundreds of years. It’s time that we, as citizens, took that power back.”

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