John McAfee Defends Bitcoin From Donald Trump 'Please Sir, Get a Clue'

Francisco Memoria

Eccentric cybersecurity pioneer and 2020 Presidential Candidate John McAfee has responded to U.S. President Donald Trump’s comments on bitcoin, defending the cryptocurrency and those who use it.

As CryptoGlobe covered, Trump bashed bitcoin and Facebook’s cryptocurrency libra in a series of tweets this week, claiming that he isn’t a fan of bitcoin or other cryptos and that these aren’t meaning. The President added these are “highly volatile and based on thin air,” before claiming a lack of regulations only facilitates unlawful behavior.

Responding to Trump through a video on Twitter, McAfee argued that most disrupting technologies were adopted by criminals, but still greatly improved people’s lives. As an example, the cybersecurity pioneer used the telephone.

Per his words, the telephone’s invention “created a brand new America, with instant communications,” and also aided criminals as they then used the technology to coordinate criminal activities.

 McAfee then claimed the automobile’s invention aided criminals in bank robberies, as a getaway car helps them flee with stolen funds.

The internet itself, McAfee added, created criminal organizations that can coordinate on an international level, instantly. Cryptocurrencies, he argued, are no different and shouldn’t be as crime has been around for “50,000 years.”

Regulations, the cybersecurity pioneer added, are broken and ignored by the criminals they’re trying to stop, and as such “only hurt the people who are law-abiding.” He finished his video with “please sir, get a clue.”

In his tweets, Trump also argued there’s one “one real currency in the USA,” referring to the U.S. dollar. In response the cryptocurrency community pointed out bitcoin is “about personal responsibility and choice,” and thanked him for the free publicity.

Cryptocurrency Can’t Be Regulated: McAfee

In a follow-up video, McAfee noted that while regulations are well-intended, they only hurt the consumer. He also argued these don’t actually work and are mostly a large expense the government takes up.

As an example, McAfee pointed to the drug use in the U.S., claiming the country is the number one consumer of drugs despite having “the most stringent regulations and laws about drug use,” and the “largest force to prevent it on the planet.”

He concluded that government can’t stop people from doing what they want to in private, and as such cryptocurrencies cannot be regulated.

It’s worth noting McAfee is a well-known cryptocurrency bull, who late last month argued bitcoin will “break records” that’ll only be exceeded by altcoins. In May, he launched a “Bitcoin Play” app that lets users earn crypto while testing their knowledge.

Featured image via Gage Skidmore | Flickr | CC by 2.0

History Indicates Bitcoin Will Reach $20,000 in 2020: Bloomberg Report

Michael LaVere
  • Bloomberg's June 2020 Crypto Outlook report predicts bitcoin reaching the previous all-time high of $20,000 in 2020. 
  • The report claims bitcoin is consolidating for a bull run and gaining an advantage over the rest of the crypto market. 

A new Bloomberg report claims that bitcoin will approach its record all-time high of $20,000 amidst the fallout from COVID-19 and other market accelerators. 

According to Bloomberg’s June 2020 Crypto Outlook report, bitcoin has been gaining support around the $10,000 price point since the halving. Senior commodity strategist Mike McGlone writes that something would have to go “really wrong” for BTC not to continue appreciating throughout the remainder of the year.  

The report reads, 

The same forces buoying gold support bitcoin, yet the supply of the crypto is more constrained. Adoption, by default, is the primary Bitcoin metric, and our indicators remain positive.

Bloomberg claims that bitcoin is consolidating for a bull run and has gained an advantage over the broader crypto market. The report highlights bitcoin’s limited supply relative to most altcoins, which investors will find increasingly attractive in light of central-bank monetary easing measures. 

The report also predicts that bitcoin will return to its all-time high of $20,000 by the end of the year, with the crypto-asset mirroring chart features seen during the last block reward halving in 2016. 

In addition to bitcoin, Bloomberg claims that the COVID-19 pandemic has been a potential accelerator for Facebook’s libra and a potential Fed-backed digital currency. The report argues the recent outbreak has highlighted “vulnerabilities” in the world’s cash-based system built on outdated technology and could give new life to Facebook’s libra project. 

Featured Image Credit: Photo via Pixabay.com