Bitcoin is coming off a year where it gained in U.S. Dollar value over 35%, and the Bitcoin halving this July is stoking flames of a 2013 remix, without the year-long collapsing aftermath. Everything seems to be peaches-and-cream, however tech innovator and presidential candidate John McAfee may have a different view. He does not see Bitcoin as an enduring long-term economic vehicle. His crystal ball is clouded with darkness when it comes to Bitcoin's economic future.
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Bitcoin has had more than its fair share of mainstream naysayers, from J.P. Morgan’s Jaime Dimon to Warren Buffett, to the country of Russia. For a renowned renegade and online innovator like McAfee to have a negative stance on Bitcoin's future is somewhat unexpected. He expressed his thoughts recently on Being Libertarian’s “Revolution Report Live.”
“Here’s the problem with Bitcoin; it’s just like any emerging technology. The technology here isn’t Bitcoin; it’s digital currency. And with any emerging technology, the first few attempts are gonna have some problems. Now, you cannot deny that hundreds of millions of dollars have disappeared for various reasons with Bitcoin users. It is number one, too complex for the average individual. The mining of coins is becoming increasingly expensive.”
This is a new spin on an old and evolving argument against the intrepid strength value increases of Bitcoin. Not only has Bitcoin shown the mainstream that its Blockchain technology is highly valuable, inside and outside of cryptocurrency, but it has given rise to other digital currency variants. In coming years, banks, businesses and others will create blockchains, commercial altcoins and other ways to leverage the technology created through Bitcoin. Plus, Bitcoin’s success may lead to other alt coins, both private and public, to take hold in the mainstream.
“We can talk forever about the intricate technical problems or lack of such. But from my opinion, I do not think the electronic currency will be Bitcoin. I’m close friends with Ron Pierce; he’s one of the biggest enthusiasts of Bitcoin. Honestly, in private conversations with Ron, we get the same thing. There will be an electronic currency, that I promise you. And if it’s Bitcoin, great. I just don’t think it will be.”
It also sounds like Ron Pierce has questions about Bitcoin’s future that he hasn’t made public, since McAfee made it clear he didn’t come up with these pondering himself. As long as people do not have delusions of grandeur that the world will adopt Bitcoin as its primary mode of payment, Bitcoin seems to be in a solid state. The world’s banks are taking turns investing and validating the technology underpinning Bitcoin, job and company creation to support its growth is steady and true. History has shown external forces are having little real effect on Bitcoin, as its resilience is common knowledge.