The President of the United States has finally made explicit his views on Bitcoin and cryptocurrency via Twitter. Understandably, Donald Trump’s declaration that digital currencies are “not money,” “based on thin air,” and “facilitate unlawful behavior” has not gone over well in the crypto asset space. Crypto advocate John McAfee, however, has a response for him.
Many individuals associated with the digital currency industry offered a response to Trump’s anti-Bitcoin-and-cryptocurrency Tweet. Large numbers of the comments allege that the US dollar has nothing but faith behind it. Moreover, the currency aids in far more criminal activity than Bitcoin, and the Federal Reserve can inflate it at any time.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
John McAfee Won’t Stand For This
Taking a slightly different stance was the controversial software developer and cryptocurrency proponent, John McAfee. The man who thinks a $1 million Bitcoin price is less than 18 months away took to Twitter to argue that every great technological innovation helps criminals because it offers far greater efficiency than that which came before it.
McAfee, who is running for U.S. President in 2020, invites Trump to discuss any criminal organizations who favor Bitcoin. He then lists inventions that were first embraced by those acting unlawfully and later became part of everyday life for the law-abiding.
My response to Donald Trump regarding his "Dislike of Cryptocurrency" tweet. pic.twitter.com/TkaPPqULQC
— John McAfee (@officialmcafee) July 12, 2019
Idea After Idea Utilized For Criminal Activity
On the subject of the telephone, McAfee says that the device which brought in “a brand new America, with instant communications for the average person” was and still is used by criminals to organize nationwide. He describes the device as responsible for improving the lives of almost every citizen. On that same note, it’s also a “great boon for criminals.”
Next, the anti-virus pioneer tackles the automobile. He claims that before the motor car came to be, bank robberies were a much rarer (and generally less successful) occurrence than after:
“The getaway car created a 10-fold increase in bank robberies.”
McAfee then states that the internet has created a global network for criminal groups to organize on a far greater scale than previously possible.
Finally, he argues that there is no reason for cryptocurrency to not be exactly the same as these other innovations:
“We’ve had crime for 50,000 years… nothing will ever change that. You say [cryptocurrency] must be regulated. To protect who? Well, the law abiding citizen? Give me a break, my friend.”
McAfee ends by stating that regulations are broken and that criminals ignore them anyway. That’s just part and parcel of being a criminal. In his closing comment, he encourages President Trump to “get a clue.” Then again, McAfee might want to examine his own comments and predictions.
What do you think about Donald Trump’s recent Twitter outburst? Let’s hear your thoughts in the comments below.
Images courtesy of Twitter, Shutterstock.