John McAfee: 'There Are Tremendous Technology Problems With Bitcoin' -
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John McAfee: ‘There Are Tremendous Technology Problems With Bitcoin’


The former anti-virus software tycoon John McAfee is running for the U.S. presidential seat under the Libertarian party. McAfee announced his running in September of 2015 and had decided to accept Bitcoin as payment for his team’s funding. This past December on a show called the Revolution Report Live the candidate said the digital currency was “too complex” for the average user. Now in a recent video from the  Entrepreneur Network McAfee says a universal digital currency will happen, but it still may not be the current forerunner Bitcoin.

Also read: The Vanbex Report: Blockchain as a Business

John McAfeeJohn McAfee: ‘Whether or Not it is Bitcoin is the Question.’

The Libertarian candidate John McAfee often catches the attention the media and whether people believe he is too over the top or not people still listen to his opinion. Recently McAfee has gained public visibility by running for president with a firm stance for individual privacy. He doesn’t believe the current surveillance state in the U.S. is necessary and opposes it vocally. He recently said in an interview with CNN he would tell the NSA directly to stop spying on Americans stating:

“I would simply demand that the NSA stop spying on American citizens without massive oversight. Their job is to protect us from the enemy, but to say, “Well, in order to do that, I have to open up your life and invade your privacy, to assure you that you are not the enemy” that’s insane.”   

McAfee also believes an electronic currency is going to dominate someday, and it’s going to promote a layer of anonymity for the people to use against surveillance. He says governments must accept that there will be a privacy-centric technology that will be utilized by the population of the world. However as McAfee has expressed in the past, the electronic money may not be Bitcoin, and it has a lot of technological issues to overcome. Despite this, the innovation is here he believes, and a virtual currency will come into play. McAfee tells the Entrepreneur Network:

anti“I think electronic currency is inevitable. Let’s face it, Pandora’s box has been opened it is here. Whether or not it is Bitcoin is the question. There are tremendous technology problems with Bitcoin. There are tremendous infrastructure problems. — The number of people that have lost money by wallets that have disappeared and by entrusting ‘vault-like’ companies is legion. So I’m not sure it will be Bitcoin but there will be an electronic currency and it will be universal and we must accept that fact. There will also be a huge anonymity component and governments must accept that and try to find ways to fund themselves.”

The anti-virus creator has a strong belief that technology will be used against the surveillance and monitoring practices of our governments. But he seems awfully dismal about the current state of Bitcoin and its future. He possibly could be following the current technical debates and has formulated opinions from others. The libertarian candidate will accept it for his campaign but doesn’t seem to think it’s the electronic currency that will lead the revolution.

What do you think about John McAfee’s latest opinion about Bitcoin? Let us know in the comments below.

Images courtesy of Pixbay, USA Today, and Shutterstock   

Jamie Redman

Jamie Redman is a crypto writer and a dragon on Tuesdays. Follow me on twitter @jamiecrypto

  • Bitcoin is just fine, but there are actually tremendous problems with John McAfee.

  • beatljuice

    He may be right, but I’m still betting on Bitcoin.

  • J Galt

    “Gold and silver are money, everything else is credit.” -J.P. Morgan

  • smd

    “If you have less than half of the dollar bill left, you may still be
    able to exchange it. The treasury will consider your claim if you have
    other documentation to support your loss”.

  • Andrew Noon

    Hard to pay someone on the other side of the world with them, though.

  • ozlanthos

    Much fewer than the number of problems with Hillary (as in she is an unconvicted murderer/war-criminal) Sanders (a 1950s communist who wants us to go back to 1950). and Trump (who wants to be Hitler 2.0) At least John knows 1) What the Constitution says, and what it is for, and 2) Has half a clue about the digital era we are living in. It’s threats, it’s promise, and in what ways it will radically alter what it means to be a free individual in the future.


  • lots of people disagreeing Mr. McAfee.

  • RJF

    There are tremendous mental problems with John McAfee. Heading back to Belize anytime soon John? How does it feel to be irrelevant?

  • Eddie Espinoza

    I don’t understand why people get angry when bitcoin is criticized in the least. Just like the gold and silver bugs who hung on the balls of a metals comeback and were viciously cruel with those whose opinion of metals in the medium term was bearish. So what if Bitcoin has its flaws? Doesn’t that give it a chance to improve? A lot of you clowns are only speculators who view any bad news as an attack on your stake in the coin whereas developers view criticisms as talking points and potential view on bottlenecks for the growth of Bitcoin or any currency. I’m for ANY cryptocurrency success on global scale not just Bitcoin and if you can’t see the flaws of this new technology then it’s safe to say you’re not an objective person. I want bitcoins problems to be pointed through reasonable analysis (McAfee seems to not clarify exactly what bitcoins problems are) and then have developers look into it. Aside from McAfee there are loads of intelligent people with intelligent concerns about Bitcoin. Listen if you’re in it to speculate then learn to speculate and realize prices go up and down regardless however if you wish to see the success of the block chain or cryptocurrencies then analyze it and see what the pro’s and con’s are of it and if you see any major issues then ask around online and see what other people think. If enough people see the same concern it may be addressed sooner. Just like with religious fanaticism many in the bitcoin community are more evangelical than technical or objective. The sooner a legitimate cryptocurrencys’ flaws are pointed out and addressed, the sooner it has a chance at success but don’t regress progress by blindly criticizing legitimate concerns. McAfee may not have legitimate concerns but the bigger issue is that most fools in the fanatic bandwagon will shoot down legit problems with bitcoin as “being negative”. Expose Bitcoins’ flaws, fix them, and let it soar but don’t be afraid of criticism of it.

  • Instead_of_Politics

    There’s no need for a single universal currency. In fact, the more currencies, the better. Tyrants manipulate the economy by monopolizing currency. Competition incentivizes progress.