Jordan Peterson Sparks Debate on How Bitcoin Can Solve Major Banking Problem
The renowned clinical psychologist and best-selling author, Jordan Peterson, has ignited a discussion about the potential of Bitcoin to address significant issues within the traditional banking system.
Peterson’s remarks came in response to a news report indicating that Macquarie Bank, Australia’s fifth-largest bank, plans to transition to a digital-only banking system by November 2024. As part of this transition, the bank will phase out cash, cheque, and phone payment services.
Peterson quoted the news report and posed the question, “Perhaps it’s time to consider abandoning traditional banks and embracing Bitcoin as an alternative?”
Macquarie Bank’s decision to go digital-only has faced criticism for potentially excluding certain customer segments. This move underscores a problem that cryptocurrencies like Bitcoin aim to solve: giving customers greater control over their finances. Critics argue that traditional banks shouldn’t have the power to dictate how people manage their money, potentially creating difficulties for specific customer groups.
In response to Peterson’s tweet, some cryptocurrency advocates suggested that networks like the Bitcoin Lightning Network, XRP Ledger, and Bitcoin Cash offer superior alternatives to traditional bank digital systems. They emphasized the speed and convenience of these crypto networks.
However, not everyone is in favor of replacing banks with Bitcoin. Republican presidential candidate Aaron Day argued that the traditional banking system can process between 50,000 and 100,000 transactions per second (TPS), while Bitcoin lags behind with a TPS of just seven. Day also pointed out that the US Central Bank Digital Currency (CBDC) pilot can handle 1.7 million TPS.
In response to these concerns, supporters of cryptocurrencies highlighted the Bitcoin Lightning Network, which boasts a TPS of up to 1 million, surpassing the traditional banking system’s speed. They emphasized that the network offers both speed and the security provided by the underlying Bitcoin blockchain technology, known for its transparency and security.
Meanwhile, many in the Bitcoin community were pleased to see Jordan Peterson mention the leading cryptocurrency on his platform. This acknowledgment suggests that Bitcoin may gain a prominent advocate, considering Peterson’s substantial follower base of 4.6 million on his X (formerly Twitter) platform.
