JOHN MCAFEE REJECTS THAT BITCOIN IS A FINANCIAL BUBBLE
For the director-general of equity investments Inc., John McAfee, Bitcoin can not be considered as a bubble, since this term only applies to assets that are backed by trust funds, he said he was in an article published by the newspaper Commercial Bussines Insider.
In his view, the veteran programmer analogized the key role of agriculture, which has meant for the development of humanity and the use of blockchain technology with all the possibilities that decentralization generates: a new paradigm or way of perception of the reality.
"I believe that blockchain technology is, at present, a new economic and social paradigm that will compete, if not overcome, with the impact of agriculture on human society."
John McAfee
General Manager of Capital Investment Inc
This new paradigm to which the executive refers is characterized by distributed information recording technology, which should not be maintained by a centralized entity and whose interactions are automatically validated by consensus. Consequently, we are faced not only with a tool that renders obsolete any system of centralized organization, but with a global perspective and with inherent power.
McAfee, trying to understand the behavior of cipher activists using the same traditional paradigms analyzed, interpreted and invested the assets of the trust constitute the biggest mistake that specialists and amateurs are now, as they believed these old buildings "They make no sense in This new world.
He also stressed that what most people consider a bitcoine "bubble" in the light of this new paradigm, is simply the predictable and systematic devaluation of fiduciary currencies, which will inevitably continue, with its highs and Their stockings Obvious, until these pieces cease to exist.
Finally, it highlights the absurdity of trying to use terms like "bubble" and "investment bubble" to address the issue of cryptomonedas, especially Bitcoin by opinion leaders. In his opinion, there are two types of "leaders" in the ecosystem: those who buy and sell Bitcoin and those who use cryptography as their only form of payment without resorting to greater use. The latter really could not care how many bitcoins a dollar is traded in the market and vice versa because they are the ones who really understand the relevance of the new paradigm.
John McAfee is a figure in the digital world who certainly does not think of talking when he expresses or expounds his point of view on cryptography and investment issues. Almost a month ago, the Scot appeared in the headlines of a prediction in which he proposed to gobble up part of his male anatomy if Bitcoin's price did not exceed $ 500,000 by 2020.
OTHER VISIONS LESS ENTHUSIASTS
Perhaps due to the outpouring that Mr. McAfee expressed is that a vivid confrontation with those who do not share their own projections fills the mind of being after a brief Internet browsing, opinions of personalities who do not necessarily combine with the eccentric programmer from Scotland.
For the businessman, advisor and investor with 20 years of experience in the stock market, Ian King, the price increases for bitcoin correspond to the behavior of a bubble. His argument: "If history is a guide, the cryptobugble shares several characteristics in common with the phenomenon of Punto.comManía"
The benefits that initially catapulted America OnLine's Internet service giant (AOL) in the early 1990s resulted in less than a decade in an estimated $ 220 billion capital. Therefore, AOL has practically imposed the rules under which other companies must increase their strategies on the Internet, as now Bitcoin does the same for other crypto-parts belonging to the ecosystem.
The success of AOL served as a fertile ground for the emergence of various initiatives, some of which have been successful to date like Google or Amazon, and others that have inevitably collapsed in the early 21st century as a WebVan.
After acquiring AOL by Time Warner Inc. at the top of its bubble, shares of the digital company have fallen to 78% over the next 2.5 years. Becoming a member of an omnipresent communicating conglomerate has led to the gradual extinction of the New York-based company.
Then, King says, when Bitcoin is no longer considered a currency by hackers and speculators, its price will fall quickly.
The entrepreneur's point of view is in line with that of investor Howard Marks, famous for having predicted the bubble phenomenon in 1999 and is now one of the leading figures in the stock market skeptic on the use of crypts.