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.
My response to Donald Trump regarding his "Dislike of Cryptocurrency" tweet. pic.twitter.com/TkaPPqULQC— John McAfee (@officialmcafee) July 12, 2019
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.
The doomed attempt to regulate crypto, and why it is doomed. pic.twitter.com/wd7hfiH4Ch— John McAfee (@officialmcafee) July 12, 2019
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.