McAfee: "Privacy coins will obsolete income taxes"

04 Jan, 2019 | Updated: 04 Jan, 2019
by David Robb
McAfee: Privacy coins will obsolete income taxes

Bitcoin bull and crypto figurehead John McAfee recently posted a series of angry tweets directed at the IRS and the system of taxation in general. He claimed that "privacy coins will obsolete income taxes", amongst other things.

With 2017 and 2018 being big years for ageing celebrity businessmen/political figures posting on Twitter, 2019 is shaping up to be no different. John McAfee recently went on his first major rant of the year, ahead of his presidential campaign that is due to start this month.

Read more: What can John McAfee's 2020 presidential bid do for crypto?McAfee POTUS campaign begins next month

McAfee, who will be running for President as a Libertarian candidate with a strong pro-crypto platform, claimed that "I haven't filed a tax return in 8 years" as part of an attack on the idea of taxation. This came up as a continuation of his long-standing beef with the SEC, which he believes is now passing on some of the responsibility for taking down crypto to the IRS.

Read more: McAfee gives advice on how to combat the SEC - "File a complaint with the FBI"

The potential for cryptocurrencies to be used in tax evasion is one of the key reasons that legislators are often so suspicious of them. For McAfee, however, this is a major advantage of crypto. Like many high-earners, he believes that he's fully entitled to all of his wealth, which he attained entirely on his own without the help of anyone else.

He traced the IRS' wrongdoings back to the 19th century, claiming that "we managed" before the civil war, when there was no income tax. It's unclear if this "we" includes the huge number of American citizens living in abject poverty, and those who were legally owned by other people...

Regardless of what you think of his views, the McAfee 2020 campaign will certainly be great for entertainment value, although his promise about what he would do if BTC wasn't worth $1 million by 2020 may now have been walked back slightly.

Read more: McAfee might be conceding his prediction, speaks on regulation in crypto

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