commentary

John McAffee Blasts Gold and Silver, Only Likes Cryptos as a Safe Haven

John McAffee despises gold and silver, favor Crypto coins onlyJohn McAffee has been appearing on a highly worthwhile video interview conducted by Daniela Cambone of Kitco. A man of very direct words, his take on how to operate in the Crypto space, which ones to use, and that you should now avoid Bitcoin-the-coin for its lack of privacy etc are great and well worth listening to. I have to admit that I do like John McAffee and much of his input.

McAffee is a great outside-the-box thinker, and let us not forget that he is an extremely successful tech entreprenuer as well. Although I am — probably like McAffee himself, if I am not mistaken — not a Windoze user myself, it is worth pointing out that millions of users pay for and rely on McAffee’s anti-virus and other safety solutions on a daily basis.

Only time will tell though whether or not his extreme anti-precious-metals approach, or his overall economic “wisdom”, will really be on-target. He has been wrong before (and wanted to ‘eat his private parts if BTC didn’t hit $100K’ by end-2018 or so — hope he did not deliver on that promise)…

When Kitco host Daniela Cambone pointed to the fact that many economists are speaking of a deflationary effect due to Wuhan virus or “Covid-19” lockdowns, McAffee broke out laughing, clapped his hands and literally lost it for a moment or two. Although I totally understand where he comes from, and that it’s correct on the surface to expect hyper-inflation in the longer term, we still need to note that, of course, the economy really is in a deflationary scenario currently and as a result of those lockdowns interrupting business, albeit a passing one that ultimately will lead to the kind of inflation McAffee actually meant. All that additional money printed or conjured out of thin air will be coming to hit us. No one can tell how long either of these opposites will run though and it’s next to impossible to forecast how long it’ll be before one or the other materializes or will have run its course.

So McAffee’s overall point to prepare for the worst seems to be a prudent one. Whether or not shunning precious metals and only relying on Crypto coins is the best approach, or if an intelligent mix of both asset classes is the better deal, remains to be seen over the next few years.John McAffee despises gold and silver, favor Crypto coins only