John McAfee Calls US Dollar “Fraud” In Defense of Bitcoin

1 Mcafee

Since John McAfee’s run for the Libertarian Party presidential nomination in 2016, the tech giant has remained relatively quiet in the political realm. His personal and entrepreneurial life have not ceased, with the announcement of a movie based on his life, and his advocacy for cryptocurrencies.

The MTG Capital Investments CEO lately has backed many companies in the digital currency industry including India’s first crypto-currency exchange, BitIndia, and Latium, a tasking platform and new form of crypto-currency.

While McAfee has been enthusiastic about the rise of Bitcoin’s worth and it’s massive potential, CEOs of traditional banks feel otherwise. Jamie Dimon, CEO of JP Morgan, stated that he would fire any employee buying Bitcoin and called it a “fraud worse than tulip bulbs.”

Being an enthusiastic defender and supporter of Bitcoin and other digital money (he once stated he’d eat his genitalia if bitcoin did not reach $500,000 in three years), McAfee responded “ […] who does Bitcoin scare the most? It’s the bankers! They will be the first to go.”

And the founder of McAfee antivirus didn’t stop there, for he continued to state that “I am one the largest Bitcoin miners in North American, and it costs over $1,000 per coin to create a Bitcoin/ What does it cost to create a U.S. dollar? Which one is the fraud? Because it costs whatever the paper costs, but it costs me and other miners over $1,000 per coin. It’s called proof of work. He calls Bitcoin a fraud: I call the U.S. dollar a fraud.”

Bitcoin currently is worth almost $6000 a coin and looks to continue to rise. McAfee’s words and the reactions of big banking CEOs suggest that a new era may be upon the world, where governments are no longer needed to produce a nation’s currency and a bank may no longer need to be a physical location.

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Author: Luke Henderson

Since joining the Libertarian Party in 2016 (after discovering Gary Johnson as a disaffected Bernie Sanders supporter), Luke Henderson has been active in the liberty movement through journalism, and political activism. At the beginning of 2017, Luke had his first piece of writing published by Being Libertarian and quickly became a contributor to the libertarian news site, The Libertarian Vindicator. Through the Vindicator, Luke discovered his passion for addressing critics of the philosophy and bringing together different factions of liberty lovers which compelled him to become an editor for The Libertarian Coalition, a forum dedicated to an open-minded discussion of libertarian ideas from all walks. After many guest contributions to Being Libertarian, Luke was asked to join the website as a contributor, where he writes his column Scoring For Liberty, which discusses sports, politics, and economics from a libertarian lens, and his Educator series that seeks to strengthen libertarian’s understanding of educational techniques and policy to better arguments against public education. Luke is one of the District 1 Executive Committeemen for the Missouri Libertarian party, and the founder of the Missouri Chapter of the Libertarian Positivity Caucus. Outside of politics, Luke is a paraprofessional for the Special School District of St. Louis, a musician, composer, and a loving husband and father.

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