It doesn’t look like Bitcoin is going away, despite setbacks from China and insults from financial bigwigs and that’s what “frightens” governments and central banks, according to vocal Bitcoin supporter and renowned businessman, John McAfee.

While speaking in an interview with CalvinAyre, John McAfee went on to explain the dynamics of the Bitcoin and blockchain revolution and the reasons why government and central banks are scared:

“Bitcoin and other cryptocurrencies frighten governments, because people who use cannot find out how much money they are making through Bitcoin, what they are buying, what they are selling...and so governments make income by taxing the movement of money...”

He emphasized on the fact that Bitcoin and cryptocurrency payments are largely untraceable, curbing the ability of governments around the world to keep tabs on their citizens:

“Our income taxes are the greatest source of revenue, but if everybody’s using Bitcoin, the government doesn’t know what your income is. They can’t tax it, and if you choose to say I didn’t make anything, they cannot prove otherwise.”

However, McAfee is confident that governments can’t really do much to stop Bitcoin or other cryptocurrencies because it’s not technically possible.

“It will eventually frighten every nation state, but it doesn’t matter what they do, there’s no way you can create a law or to legislate something that will stop Bitcoin or any cryptocurrency because technically, you cannot,” he added.

While China has been cracking down on cryptocurrency exchanges, effectively barring citizens from buying or selling cryptocurrencies online, the impact of their move was short-lived and Bitcoin’s price went up again, currently hovering around  $4,500.

McAfee also pointed towards the creation of decentralized exchanges that promise to give users freedom from governmental interference, as was the case in China.

“Plus, there are new technologies coming along that allow individuals without a central exchange, to exchange. You have Bitcoins I have Ethereum, you put an ad on this site, I’d love to make an exchange. It’s between you and I. There’s no central exchange, there is no knowledge of anyone you cannot stop this technology because it is distributed...meaning that you don’t care where anyone is. It’s a world-wide phenomenon and that’s why it frightens governments...”

Going over the benefits of using cryptocurrencies, McAfee explained how having a wallet is much like having a bank account, which is also something that scares central banks, like JPMorgan:

“ gives me the power to be my own bank. Why do I need a bank if I have a wallet? Because a wallet is the bank. If I want to wire money to someone, I don’t have to call my bank, I go in my wallet and I just send it. In a matter of seconds and It’s done.

It is convenient and is very powerful. There is fear in governments and in central banks, like JPMorgan. The CEO is so concerned, he acted like a mad man...”

Last month, McAfee also questioned JPMorgan’s CEO, Jamie Dimon’s comments on Bitcoin and it seems the entrepreneur is going strong in his support for Bitcoin and cryptocurrencies.