John McAfee Believes Decentralized Exchanges Will Take Over Crypto Trading

Security expert and cryptocurrency personality John McAfee believes centralized exchanges will soon go extinct, with decentralized exchanges (DEX) set to take over the cryptocurrency market.

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Security expert and cryptocurrency personality John McAfee believes centralized exchanges will soon go extinct, with decentralized exchanges (DEX) set to take over the cryptocurrency market.

McAfee discusses long-term market potential

McAfee discussed the long-term potential of the cryptocurrency market and other critical issues. One of them is the issue of centralized exchange and decentralized exchanges and their place in the market.

According to McAfee, DEXs are game changers in the cryptocurrency world. He predicted that centralized exchanges will disappear over the next five years and will be replaced by DEXs.

Governments, banks, and other financial institutions would be powerless against the cryptocurrency market as everything would be decentralized.

Neither the resources nor the military might of governments matter, as long as the exchanges are distributed across millions of devices, it would be impossible for them to shut down.

Decentralized exchanges became very popular in the cryptocurrency world as they represent everything that cryptocurrencies stand for. McAfee isn’t alone in believing cryptocurrency users want DEXs to replace centralized exchanges.

He is on the record denouncing centralized exchanges, arguing that some of them are honeypots run by the government. On Wednesday, he lashed out at HitBTC, accusing the cryptocurrency exchange of arrogance.

He stated then that exchanges like the NYSE, CBOE or NASDAQ, have offices that people can walk into. HitBTC, however, obfuscates their location. McAfee warns that this is a security issue that gives such exchanges too much power.

He also revealed threats that he received from the CEO of the exchange.

McAfee still bullish on Bitcoin price

McAfee also talked about the price of the leading cryptocurrency. He stated that nobody can predict the potential of the market in the next 20-30 years, instead, it can be predicted over the next five years.

McAfee elaborated that despite the drop in prices, more people are coming into the cryptocurrency space and more companies are also accepting it as a form of payment.

The increasing adoption would lead to a rise in prices. McAfee has famously promised to “eat his d*ick” if Bitcoin doesn’t reach $1 million by 2020. He has since doubled down on that claim, further promising to “eat it raw” if BTC doesn’t reach that level by 2020.

It is left to be seen if the market will rise to that level, but the whole crypto world is watching to see if he keeps his promise or not.

1 Comment
  1. Rosario M. Ingargiola says

    Well, centralized crypto exchanges as they are structured today are really Retail Brokers, they just don’t know it yet. Has anyone seen that movie called — The FX Market?

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