Jordan Peterson Urges a Banking Transformation with Bitcoin
Dr. Jordan Peterson, a renowned Canadian psychologist and bestselling author with a substantial following, ignited a discussion on September 14th regarding the 'unbanking' movement and the potential role of Bitcoin (BTC) in revolutionizing traditional banking practices.
Peterson’s remarks were prompted by recent developments in Australia, where Macquarie Bank announced its intention to eliminate cash, check, and phone payment services. This move reflects a global trend, as many countries, particularly in Europe, have already restricted the use of physical currency for smaller transactions. Similarly, Nigerian banks have imposed low cash withdrawal limits on their ATMs.
In response to these developments, Jordan Peterson raised a thought-provoking question: Can Bitcoin offer a viable alternative to traditional banking? He suggested that Bitcoin might provide a feasible solution for those seeking a cash-like experience.
Interestingly, Dr. Peterson had previously expressed an interest in using Bitcoin to facilitate international monetary transactions. He was introduced to Lightning Network custodial wallets by Joe Nakamoto (@JoeNakamoto), enabling him to receive borderless donations without relying on fiat-based platforms like GoFundMe.
In response to Peterson’s query, several prominent Bitcoin advocates voiced their support for the idea. One such supporter was Robert Breedlove, the host of the “What is Money?” podcast.
Furthermore, enthusiasts from various cryptocurrency networks, all of which share the goal of delivering a cash-like experience through decentralized and non-custodial means, joined the conversation.
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These included Bitcoin Cash (BCH), Nano (XNO), Monero (XMR), XRP, Dash (DASH), ZCash (ZCH), Litecoin (LTC), and Dogecoin (DOGE).
Nevertheless, the debate also attracted critics like Aaron Day, a presidential candidate for the 2024 United States elections. Day argued that Bitcoin falls short in terms of transaction speed when compared to the traditional banking system and Central Bank Digital Currencies (CBDCs).
Despite this critique, he remains a staunch advocate for using cryptocurrencies to replicate cash-like experiences.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
