Security expert John McAfee says this type of thinking is a mistake. He joins me now. John, why do you think the word bubble cannot be applied to Bitcoin? Well, a person form of Bitcoin is not a fiat currency. It costs over a thousand dollars to create a Bitcoin today, an electricity and computing cost. Second, the value of Bitcoin is linked to the number of users and the number of transactions. It is not a speculative investment, even though it is being used as such by many people. As the Bitcoin network grows, the value of Bitcoin grows. As people move into Bitcoin for payments and receipts, they stop using US dollars, euros, Chinese yuan, which in the long term devalues these currencies. So what you're seeing is more of a currency devaluation than a bubble in Bitcoin. As more people use it, it has more intrinsic value. And again, the cost of producing a Bitcoin increases with the value of the Bitcoin. So this is not something that we're pulling out of thin air. This is something that's created with massive amounts of electricity and computing power. Well, someone who just agrees with you on the term of bubble when it comes to Bitcoin is Mark Cuban back in June, he tweeted, I think it's a bubble. I just don't know when or how much it corrects when everyone is bragging about how easy they are making money that equals a bubble. Now, when he tweeted that, Bitcoin dipped in price. How can one person's random Twitter thread have that effect on the price? And what does it say about Bitcoin stability? Well, it says nothing about Bitcoin's stability. After it dropped $500, it's now at $44. So these temporary fluctuations are meaningless, created by speculators, people who do not understand the fundamental technology of the blockchain. Those who do know that in the long term, these fluctuations will make no difference. The more people who use Bitcoin, the more valuable it will become. This is the only metric we can use. Now Bitcoin and blockchain go hand in hand, but blockchain's ability to track financial transactions in a way that is incorruptible. It gives it infinite amount of uses outside of the original purpose of using it for Bitcoin. Do you see blockchain's overtaking certain aspects of the financial system as we know it now? It will take over all aspects. People think that Bitcoin or the blockchain is owned by someone, by a company or by a consortium. No, this is strictly a mathematical formula that nobody owns, that we are all participating in. And we use the blockchain for everything from fixing supply chain problems and corporations to verifying the authenticity of the sender and receiver in a financial transaction. It is the most powerful technology that the world has seen, I believe, since the invention of agriculture. Now, John, we've showed our viewers, Bitcoin's rise just in the past month and we can show it to them again, if it's up there. But on July 17th, one month ago, you tweeted that Bitcoin's low of 1800 yesterday simply could not be maintained in the long-term Bitcoin moves above 500,000 within three years. Bet, you ask. So I ask you, John, do you stand by your statement? Well, keep in mind, as Bitcoin grows and grows in value, other currencies, national currencies are going to decline. The advantage to using Bitcoin, the advantages are huge. If I do a wire transfer, it'll take me 24 hours. If I do a Bitcoin transfer, it takes me 30 seconds. It is instantaneous. I know people who do not use any other currency now, other than Bitcoin, they buy their houses, their cars, everything using Bitcoin by connecting to other users who sell the things that they need. As more and more people use this, what will happen to national currencies? They will obviously devalue. They have to. So that 500,000 includes a massive devaluation in the US dollar, which absolutely has to come if Bitcoin continues to grow at its current rate. Well, it's certainly a community effort and the Bitcoin community and for other cryptocurrencies, it's only growing. John McAfee, founder of McAfee Incorporated. Thank you so much for your thoughts today. In the United States, copyright law allows for the fair use of copyright material on a certain limited circumstance without the five remissions from the owner. Under the law, determination of the fair use takes you to the top of the certain use. The nature of the copyrighted work, the amount of substantiality of the work used in relation to the work as a whole and the effect of the use upon the potential market for the copyrighted work. Other jurisdictions may have similar copyright provisions protecting fair use or fair dealing. If you're uncertain as to whether specific use qualifies as a fair use, you should consult a qualified copyright attorney. You have the right to take it down.