Veteran trader John McAfee has just revealed where he feels the financial world might be heading in the next few years with the emergence of decentralized technology, importantly cryptocurrency.
The US presidential aspirant, who recently launched his decentralized exchanged dubbed McAfeedex, said the main issue with this type of exchange is how users can get their fiat currencies in and out of the exchange.
He said it is difficult to get currencies like US Dollar, Yen and Euro, amongst other on decentralized exchanges since no information like name, address, social security number or email is collected.
McAfee remains hopeful on mainstream adoption of cryptocurrency. The security guru and crypto pundit said:
“Imagine a world, 6 months, 1 year or 2 years from now, where fiat currency starts to diminish in importance.”
McAfee said at the moment, we have the ability to buy half of what we need with cryptocurrency. We can now buy houses, shoes, car and others.
The diehard cryptocurrency pundit said soon, the world will be able to buy almost everything cryptocurrencies like Bitcoin, Monero, Ethereum, Litecoin and other digital assets available in the market.
McAfee furthered that with the availability DAI, a stablecoin that does not vary against Dollar by more than 1% due to the smart contract behind it, holding and exchanging cryptocurrencies on decentralized cryptocurrency will no longer attract concern for the undeniable up-and-down market forces.
His believe holds that with stablecoin, people who want to buy things will no longer be intimidated by the volatile nature of the market which is a major burden for those who are yet to be using crypto.
Fiat currency and decentralized exchanges. Where are we headed? pic.twitter.com/0VBabB6eJP
— John McAfee (@officialmcafee) October 20, 2019
McAfee said its McAfeedex is among the platforms that offer DAI stablecoin to make the finance world better with cryptocurrency.
“This is where we need to be,” McAfee concluded.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.