John McAfee: Bankers Are Afraid of Cryptocurrencies

A fierce battle is underway between programmer and businessman John McAfee and JP Morgan CEO Jamie Dimon over comments regarding Bitcoin, reports The Street. John McAfee heads MGT Capital Invests, which mines Bitcoin, and claims that Dimon is frightened by the growing cryptocurrency market, as well as that trust in cryptocurrencies is entirely justified.

Last Friday, Bitcoin reached a record level of $5,856, and today its value is $5,590. Dimon could not refrain from making comments that provoke cryptocurrency investors.

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– If you are so stupid as to buy it, one day you will pay the price for it, are the words with which Dimon provoked investors last Friday.

McAfee responded in an exclusive interview by stating that everyone should keep in mind that Dimon is at the helm of one of the largest banks in the world, and bankers are the ones most threatened by the rising popularity of cryptocurrency investments.

– I am one of the largest Bitcoin miners in North America, and creating Bitcoin costs more than a thousand dollars per unit. How much does it cost to produce one US dollar? Which of these two currencies is a fraud? The production of one dollar costs the same as the paper used in its production, while the production of one Bitcoin costs me and other miners a thousand dollars. That is proof of work. Dimon calls Bitcoin a fraud, I call the US dollar a fraud, said McAfee.

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Although some governments and traditional financial institutions are against Bitcoin, the cryptocurrency market is gaining momentum, and McAfee explains that the market is unstoppable.

McAfee: The ban is nonsensical

He also stated that it should be kept in mind that besides Bitcoin, there are over a thousand cryptocurrencies, and what governments do not understand is that these cryptocurrencies cannot be regulated by anyone, not even China, which has imposed restrictions.

JP Morgan is launching a blockchain technology system in collaboration with two other banks to reduce the speed of global cryptocurrency payment transactions.

Of course, blockchain is the technology behind the digital currency Bitcoin, which Dimon calls a fraud. McAfee explains that in 1930 they tried to ban alcohol in America, which resulted in increased alcohol consumption, so this ban simply cannot work.