John McAfee thinks that privacy coins could protect investors from the looming hyperinflation of fiat currencies
Crypto baron John McAfee is convinced that Monero and lesser-known privacy coins in the likes of Safex and Apollo could be a perfect choice for investors who are seeking safe haven during the looming financial crisis.
Prepare for hyperinflation
McAfee, who routinely downplays the threat posed by the novel coronavirus, believes that the ongoing quarantine will ‘wreak havoc’ with the global economy. Particularly, government-issued currencies could reach hyperinflation, which has already happened to such failed states like Zimbabwe and Venezuela.
As reported by U.Today, central banks around the globe recently embarked on egregious monetary policies. The U.S. Federal Reserve recently announced an unlimited quantitative easing.
Privacy coins over Bitcoin
McAfee denounced Bitcoin (BTC) in early January after famously predicting that its price could reach $1 mln by the end of 2020. He compared the first cryptocurrency to the Ford Model T to back up his argument that it will not be the future of the industry.
Back then, he mentioned that Monero was his new favorite cryptocurrency, which is why he also included it in his latest tweet.
