John McAfee made an extremely bold prediction, promising to eat his own male anatomy on live TV if Bitcoin has not reached $1 million by 2020. It’s difficult to imagine him be any more bullish on blockchain technology than that, but it seems that he has outdone himself, now forecasting that banks will no longer exist in just 5 short years from now:
Five years from now, you believe cryptocurrency will have taken over. What will everyday life look like as far as purchasing power?
There will not be a single bank. The U.S. government and every government will have had to figure out how to maintain their nation without getting income taxes because you won’t be able to collect them because you will not know where the money is, who has it and where it’s been transferred to.
You don’t have to go down to the bank to do a wire transfer. You open up your wallet, and 30 seconds later, you’ve done it. You don’t have to do anything related to a bank because your wallet does it all now. It astonishes me that people put up with these banks — to go into the bank, to drive two miles, stand in line for five minutes and drive back home to send money to another country. Do you realize how insane that is in a world where I do it in 30 seconds while I’m still in bed? Number one: Life is going to be easier. Will there be cards and things? Of course not. Why deal with that stuff when all I do is take my wallet and scan it? Everybody will pick a cryptocurrency that they like; however, the transfer between them is going to be instantaneous and virtually free.
How do you think the world of blockchain will affect social media and the tech giants that just released their earnings reports?
The other thing about cryptocurrency and the blockchain? It’s accelerated. People go, “Oh my God, cryptocurrency! You’re getting 5,000 percent gains per year!” Well, of course we are. We’re in an accelerated universe. In five years, there will be no Facebook — not in its current form. CEOs like Mark Zuckerberg who have not abandoned their positions and restructured their companies so that there is no structure — they will be out of business because someone is going to come along with a blockchain version of Facebook and Twitter.