John Mcafee challenges Jamie Dimon on Bitcoin | Iconz Global Network, LLC.

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01. our next guest doesn't believe that Bitcoin is a bubble in fact he says the cryptocurrency could soar to get this five hundred thousand dollars in three years the always controversial John McAfee joins us now John great to speak with you a great to speak with you thanks for having me on how do you how do you get to five hundred thousand dollars in three years well let's not worry about that let's let's worry about uh what's going online on that yes I do um people are calling Bitcoin a bubble that's bursting now keep in mind that two months ago Bitcoin is the 2 900 and people are saying it's never going to hit three well they hit four and it hit five if you look at the at the long term trend of Bitcoin it has been consistently up I mean who cares that it dropped a thousand dollars from five thousand after it went from the 2900 to 5 000 in two months it's still ahead from what it was two months ago you know I've I've my company is one of the largest miners in America and one of the nice thing about mining is it doesn't matter what the price of Bitcoin is we still make money as the as the price goes down there are fewer competitors for mining uh and the the difficulty rate decreases and we simply mine more coins so I I know as well as anybody what the price of Bitcoin is and it is consistently increasing I understand oh wow the bubbles burst go ahead you know Jamie Diamond is very clear yesterday that he's a big fan of the blockchain technology and most people actually who who even uh you know call Bitcoin overvalued or what have you they are believers as well in the blockchain technology these are two separate issues so why is that Bitcoin necessarily has to rise to these Heights because you're a believer in blockchain as you do as you no I don't think I don't think the the Bitcoin rise has anything to do with belief in the blockchain okay it simply has to do with belief in in cryptocurrencies I mean once you start using cryptocurrencies whether it's uh Bitcoin or Monero or Litecoin it doesn't really matter you see the facility you see the ease of use you see that without a central bank control the value of that currency depends upon the users of that currency and why is Bitcoin growing so fast because it's getting more users more people are believing if I do a transaction with a credit card I have to put in my name my address my credit card number the code on the back my billing address well that takes five or ten minutes especially for someone my age but with Bitcoin it's 15 seconds give me your wallet address here's the amount done once you see the facility of cryptocurrencies once you see how fast they are transacted then suddenly Fiat currencies credit cards central banks maybe it's too easy though John I mean how do you I'm sure the government would like to track where this Bitcoin is going they would love to tax people on this and so if you use Bitcoin you may not have that sort of paper trail so to speak to where um people are making gravities or earning money so are you concerned that government intervention in some way could actually slow this down Well it can't slow it down but there will be government intervention why because as people start using more and more cryptocurrencies things like Monero which cannot be tracked at all when they start using these things suddenly governments are going to start losing income tax revenues and they're going to panic and they're going to say this is against the law but how do you stop something that cannot be stopped I mean this is not something unique to America where you can just shut it down I mean I can use the Tor Browser or The Onion Browser and access Bitcoin wallets all over the world and no one will ever know the government does not have enough enforcement Personnel to ever stop Bitcoin Monero Litecoin and all of the others so they're going to have to face reality find in some other way to raise revenues this is a fact so John I got to ask you because most people know you as a cyber security Pioneer they know the firm that is named after you I I mean that time and now you had a very interesting life and actually some Reports say that um you know it was it's the insane life of John McAfee that you once lived in Belize which is true allegedly got caught up with drugs and other illegal activities Bitcoin has a bad rap of being used in the underground that's why people want to use it because they want to conceal nefarious activity do you see that potential do you are you concerned about that as attracting government regulation no not at all I mean I've I'm still a security specialist and I keep track of the dark web Bitcoin is very seldom used anymore on the dark web it has been replaced by Monero as the currency of choice because Monero is absolutely Anonymous cannot be tracked either sender or receiver of any transaction they're literally invisible so it's not Bitcoin itself but cryptocurrencies as a general uh group of things that are being used on the dark web and that will always be the case Bitcoin used to be the one because that was the only one available but not anymore so so Bitcoin is sort of out of the dark web and into the light and and 99.99 of its use is legitimate I don't know if you know about this uh you know Jamie dimon watches the show pretty frequently um he's probably listening to you right now I mean do you have any words for him as to why he he's got it wrong I mean would you want to place that same bet that you made on the internet I would like no I would like to say this Mr Diamond I I respect you sir for your position you know people who rise your position uh are not idiots however sir um what is you you called Bitcoin a fraud I'm a Bitcoin miner uh we create the Bitcoins it costs over one thousand dollars per coin to create a Bitcoin what does it cost to create a US dollar which one is the fraud because it costs whatever the paper costs but it costs me and other miners over a thousand dollars per coin it's called proof of work we have put massive amounts of of super computer computing power and electricity and creating these coins surely there's some value in that work that we did to create the coin and the fact that Bitcoin is consistently growing in its use and in its in its value has to say something you know sure it will rise and fall and it is highly volatile as all new technologies are right and at the same time it is certainly not a fraud so you're pretty sure that you're not going to lose this bet that you have on Twitter no I I don't ever lose bets I'll be great to speak with you thank