John McAfee, who is a very vocal supporter of the digital currency industry, has remarked that there is no reason for crypto enthusiasts to be “fooled” by the prophecies of doom skeptics are making so commonly nowadays. With the market for cryptocurrencies going through a rough patch this year, the future of the entire industry has often been called to question of late and many have wondered whether this extremely volatile market will survive at all. Many commentators have opined that the cryptocurrencies might prove to be nothing more than a fad after all. However, John McAfee has opposed such a conjecture with considerable vehemence, reassuring the crypto traders and industry insiders whose faith might have wavered with all the uncertainty that is beginning to plague the crypto space. He has claimed that cryptocurrencies are not just here to stay but to reach great heights and therefore, investors and traders should retain their belief in the future of crypto and hold on.
John McAfee, the man behind the eponymous antivirus software and McAfee Associates, has gone further than just reassuring the crypto insiders to revive their fledgeling faith. He has also asked the people to evaluate and see how the hierarchies of Governments, financial organizations, banks and other centralised entities are crumbling today under the weight of all the corruption it facilitates and the inconvenience that is inherent in such over-centralization. McAfee feels that the suitable replacement for the centralised systems would be decentralized networks which essentially allow cryptocurrencies to thrive. McAfee took to Twitter to air his views. His vehement and succinct tweet read:
“You think the future of crypto is disappearing? Don’t be fooled. The certainty of Crypto’s ultimate supremacy is plain. Just look closer, at the subtle movements within governments, banks and financial institutions. The ungluing of the the existing hierarchical system has begun.”
If we are to take his word for it that the centralised systems will give way to new decentralized bodies, it will actually help to rejuvenate the crypto industry and give a big boost to the virtual currencies. Besides, decentralization will also ensure a great deal more of security of data as hacking decentralized systems is usually much more complex and rare compared to centralised systems. In addition, the decentralized entities will allow for higher levels of privacy while still ensuring substantial transparency. This will also promote peer-to-peer trading, eliminating third parties from transactions and thereby arresting the risk of data leaks or privacy breaches.