John McAfee believes that Bakkt’s involvement in cryptocurrencies may increase its adoption. Contradictorily he stated he would never use the platform.
John McAfee is a very controversial figure and probably the most controversial in the cryptocurrency industry. Regardless he is widely recognized as an authority on various topics including cryptocurrencies. In a Twitter post on Friday, he expressed his opinion regarding the upcoming launch of Bakkt’s Bitcoin futures platform.
BAKKT goes live tomorrow. It is an institutionalized exchange so I won't be using it, but institutions will feel a level of trust that they had not had. It could jump-start Ctypto adoption. But remember – it is the opposite of freedom's movement.
— John McAfee (@officialmcafee) September 20, 2019
Bakkt: Good for adoption bad for freedom?
Bakkt had previously announced that it would be launching physically delivered Bitcoin futures across the Bakkt platform. While John said that it was good news, he also said that he would never use such a platform. John believes that Bakkt launching an institutionalized would encourage other institutions. Regardless, he noted that it was “the opposite of the freedom’s movement.”
Bakkt has already launched the Bakkt Warehouse on September 9. However, the platform is only registering users while Bitcoin futures trading will begin from September 23.
John Mcafee though supportive of the idea is a little wary of institutionalized platforms. He believes that such platforms reduce user freedom. McAfee stated that he supports the move because “We need the current system to build the tools with which we will dismantle it.”
John McAfee: With or against centralized exchanges?
Previously John was seen as a supporter of decentralized exchanges only. However, things were put into perspective when he chose to become the advisor for a centralized cryptocurrency exchange.
John has joined Burency as the advisor for its research and development (R&D) department. Centralized exchanges are regulated to government and hence require users to submit personal information before they can start trading. On the other hand, decentralized exchanges settle transactions on a peer-to-peer (P2P) basis and hence identity verification is not required.