Technology pioneer John McAfee: Bitcoin's future is here, and the central bank system will eventually face obsolescence

2016 is coming to an end with some forward-looking opinions. Whether these opinions will be a blessing or a curse for the future development of the cryptocurrency world remains unknown. One of the opinions came from technology pioneer John McAfee, and his opinions expressed in an interview still resonate with many people today.

McAfee believes that the emergence of cryptocurrency can completely subvert the operation mode of the Federal Reserve, the central bank system of the United States. The impact of cryptocurrency is so wide that it can even change the way income tax is collected.

Pandora's box has been opened

McAfee's point seems reasonable. As governments around the world are intent on waging a war on cash, the first step is to limit the outflow of funds.

He said in the interview:

Market economies are self-regulating. They existed before the Fed, and they will continue to exist even if the Fed eventually disappears. Whether libertarians or others eventually abolish the Federal Reserve system is meaningless because of cryptocurrency. I promise. Like Pandora's box, once opened, there is no taking it back, and the Federal Reserve will eventually disappear. Physical currency will also disappear, and the entire world may be in crisis for a while. That's the truth.

But the question is: Is McAfee's vision possible? This prediction will bring about a disruptive change - if this reform can really be achieved.

In other words, if McAfee’s vision is possible, how long will it take to achieve it? Will the crypto ecosystem be able to handle large-scale transactions? The answers to these questions remain unknown.

Desire for change

However, recent news indicates that cash is facing crackdowns from governments looking to tighten control over transactions and create a global revolution.

Bitcoin enthusiasts like McAfee have identified a positive future for the top cryptocurrency. As time goes by, they become more resolute in their choice, and such opinions cannot be ignored.

The government can't impose income tax because they can't track anybody's income. This may sound strange, but it's already happening, and the Fed is doomed. They can't exist in a world of digital money. Our world is full of digital transactions, and digital 'glue' holds everything together. Do you think paper money or the gold standard still makes sense in such a world? Not at all.

McAfee’s stance is largely influenced by his bitcoin mining business, MGT, but he is not the only one who believes that cryptocurrencies like bitcoin can change the status quo and end involuntary taxation.

Bitnation CEO Susanne Tarkowski Tempelhof believes that Bitcoin can end the nation-state and that Ethereum and RootStock smart contract technology can help build a decentralized post-nation-state jurisdiction.

Until everything comes true, the above views will remain at the speculation stage.