John McAfee Announces Crypto-Backed Currency: McAfee Redemption Unit

john mcafee currency crypto

Cyber security expert, entrepreneur, cryptocurrency advocate, and eccentric millionaire John McAfee, has announced that on June 25, he will be releasing his own paper “fiat” currency backed by cryptocurrency called the McAfee Redemption Unit.

McAfee made the announcement via Twitter, saying that it was “no hoax.”

The paper notes consist of seven denominations, each depicting an iconic cryptocurrency industry figure, or McAfee himself. Other notable figures featured on the notes include Bitmain CEO Jihan Wu, Bitcoin.com CEO and Bitcoin Cash figure-head Roger Ver, and Bitcoin Foundation Executive Director Brock Pierce. 

On the reverse side of the notes feature instructions on redemption, which can only be redeemed at a remote location in Mexico between the hours of 1PM and 3PM, and is only redeemable for – depending on the denomination – up to 100 minutes of personal time to spend with Mr. McAfee himself. The message reads:

“Present your certificate. The redemption center will verify its authenticity and provide you with a date, time and location in the US where Mr. McAfee will meet with you for the allotted time.”

Note holders may also cover the note rather than redeeming it, by sending it to the McAfee Redemption Unit Foundation where its value will be converted and sent to their crypto wallet.

A total of 6.05 million McAfee Redemption Units have been printed across 341,000 different denominations, according to McAfee. Printing plates have been destroyed to ensure no additional notes can be printed in the future, increasing its value from its initial $9.95 cost.

McAfee believes that many of his “hugely loyal” followers will go through the “time and huge expense” for the opportunity to spend private time with him, causing the value to “skyrocket.”

The McAfee Redemption Unit will be available starting on June 25.