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.
How will Covid-19 affect the economy, and specifically…
The Quarantine will play havoc with the global economy and Fiat currencies will approach hyperinflation.
Crypto will be a safe haven – particularly Privacy coins like Monero, Safex, Apollo, etc.
— John McAfee (@officialmcafee) March 30, 2020
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.
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.