Cyber security expert and Bitcoin backer John McAfee says the only fear that Bitcoin users can have is that governments will act on their own self-involved fear.
The technology pioneer says the only hurdle to Bitcoin is governments trying to stop it, even though they cannot succeed at doing so.
Cannot be stopped
Because of Bitcoin’s disruptive nature, it has captured the imagination of the Internet community, and it has flexed its muscle with that support. This has led to governments reacting, but it is a reaction of fear.
Cryptocurrencies were created to solve the problems that plague banking, and as such they are looking to cut out the middleman, which is banks and government regulators.
This lack of central exchange puts governments, which make their income by taxing the movement of money, in a bind, said MGT Capital Investments Inc. chief and technology pioneer John McAfee.
“Our income taxes are the greatest source of revenue, but if everybody’s using Bitcoin, the government doesn’t know what your income is. They can’t tax it, and if you choose to say I didn’t have anything, they cannot prove otherwise,” McAfee said.