Alex Dovbnya

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 ofSafex andApollo could be a perfect choice for investors who are seeking safe haven during the looming financialcrisis.

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.

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 tothe FordModel Tto 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.

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John McAfee Predicts Hyperinflation, Names Coins That Will Act as Safe Haven During COVID-19 Crisis - U.Today