Jordan Peterson Urges a Banking Transformation with Bitcoin
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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.