According to John McAfee, the famous IT security expert and cryptocurrency enthusiast, decentralized exchanges would gain more in popularity, and many would ditch centralized exchanges. Practically, he is saying that DEXs would eliminate the others.
Decentralized exchanges to eliminate centralized exchanges in the next five years
With this latest statement, McAfee appears to be in line with Vitalik Buterin, Ethereum (ETH) co-founder, who recently said that he “definitely hopes centralized exchanges go burn in hell as much as possible.”
Even though McAfee has different reasoning than Vitalik Buterin, he also thinks that, in only five years from now, decentralized exchanges would be so popular that no crypto enthusiast would use centralized exchanges anymore.
John McAfee thinks that people would embrace cryptocurrency and blockchain thanks to these technologies’ decentralization. He further gave an example. According to him, between two parties in a financial transaction, within the current economic system, the authorities could intervene and put a hold on the trade. That would not happen in a decentralized marketplace, he said.
With the distributed ledger technology every individual can check the records regarding transactions and can see what’s real and what’s not. Also, this is what McAfee describes as “Proof of Actuality.”
Bitcoin (BTC) to reach $1 million in 2020
However, as the cryptocurrencies market trending revealed, Bitcoin (BTC) had its periods of growth as well as some characterized by significant losses. Thus, it would be virtually impossible for Bitcoin (BTC) to reach $1 million in just a couple of years.
On the other hand, as the cryptocurrencies market showed us on many occasions, everything is possible so that John McAfee might be right with his price prediction but wrong with the timing.