We might have a big announcement tomorrow as John McAfee, the founder of the eponymous antivirus software provider and a cryptocurrency guru fond of long-term predictions, has hinted he might launch a revolutionary currency. More precisely, he said he would announce on Wednesday night the new “McAfee Coin,” a fiat currency backed by cryptocurrency.
https://twitter.com/officialmcafee/status/1001344266742980608
SmartPayMINT, which McAfee mentions in his tweet, is a small crypto exchange more popular for its social media presence. It recently posted a picture of McAfee’s proud face on a fiat cryptocurrency, which looked like an innocent attempt and an exercise in imagination to let us know what a banknote featuring McAfee’s visage would look like.
However, McAfee reacted within hours, hinting at a time coincidence by saying “What’s odd is that…” We can’t know if he is serious about his fiat currency plans, but he replied to several comments on his tweet, saying he would indeed come up with an announcement.
When a commentator said, “Very cool but physical doesn’t equal fiat,” McAfee replied with “Wait for it.”
Another Twitter user said, “A nice mix between Crypto and Fiat. Will be interesting how you distribute the coin if true,” to which McAfee responded, “You will love it.”
It seems that the move, which resembles a publicity stunt, might be part of McAfee’s “War on Crypto” campaign, which is also supported by SmartPayMINT. He said in a video last week that governments, banks, and regulators are declaring war on cryptos by proposing unfavorable reforms.
https://twitter.com/officialmcafee/status/1000913287154937857
He called on everyone to take action and even released a Declaration of Currency Independence in 14 languages.
“What can we do? Take action. Write your Congressman; it sounds silly [but] while they are still in power, make them work. Go into your bank and demand that they allow crypto transactions. If they say no, ask them to recommend a bank that will. Demand the credit card companies to allow crypto payments,” McAfee said in the video.
Today, banks are printing fiat money out of thin air, as JPMorgan’s CEO acknowledged last year when he said:
“Creating money out of thin air without government backing is very different from money with government backing.”
A fiat currency backed by crypto would resemble the gold standard of the last century, which did not allow banks to print above a certain limit.
On a side note, the current laws of most Western countries allow complementary, regional, and alternative currencies to be used alongside official currencies but without acting as legal tender.
We’ll see what or whether McAfee has something to present tomorrow.
This article appeared first on Cryptovest
