Renowned Canadian psychologist and best-selling author, Dr. Jordan Peterson, with a substantial following of over 4.6 million on X, ignited a discussion on September 14 regarding the ‘unbanking’ movement and the role of Bitcoin (BTC) in potentially revolutionizing the banking system.
Maybe it's time to scrap
BanksCould
Bitcoin fix this? https://t.co/j6wldXMv7P— Dr Jordan B Peterson (@jordanbpeterson) September 14, 2023
Peterson’s commentary was prompted by Australian news revealing Macquarie Bank’s decision to phase out cash, cheque, and phone payment services in their branches. This move is not unique to Australia, as various countries, including several European nations and Nigeria, have already imposed limitations on cash transactions.
Banks impart counterparty risk to the act of using money.#Bitcoin in self-custody is money absent counterparty risk.
So yes, Bitcoin fixes this.
— Robert ₿reedlove (@Breedlove22) September 14, 2023
In response, Peterson proposed that individuals should consider alternatives to traditional banks and questioned whether Bitcoin could serve as a viable solution. He highlighted Bitcoin’s potential to offer a cash-like experience for those seeking financial independence from traditional banking systems.
No, it couldn’t. The traditional banking system can do 50k-100k transactions per second. The CBDC pilot in the US can do 1.7 million TPS. BTC can do 7 TPS.
You need to do some research before you spout BTC. You might think you are in the in crowd but you’ve actually taken a…
— Aaron Day 2024: Truth and Transformation (@AaronRDay) September 14, 2023
Notably, Dr. Peterson had previously expressed interest in utilizing Bitcoin for global monetary transactions. He was introduced to Lightning Network custodial wallets by Joe Nakamoto (@JoeNakamoto) as a means to receive borderless donations, bypassing the need for fiat-based platforms like GoFundMe.
Several prominent Bitcoin advocates rallied behind Peterson’s cause, including Robert Breedlove, host of the “What is Money?” podcast. They echoed the sentiment that Bitcoin could play a crucial role in reshaping financial systems.
Additionally, supporters of various cryptocurrency networks focused on providing decentralized and non-custodial cash-like experiences also engaged in the discussion. This included advocates for Bitcoin Cash (BCH), Nano (XNO), Monero (XMR), XRP Ledger (XRP), Dash (DASH), ZCash (ZCH), Litecoin (LTC), and Dogecoin (DOGE).
However, the debate also attracted critics like Aaron Day, a presidential candidate for the 2024 U.S. elections. Day is known for his skepticism towards Central Bank Digital Currencies (CBDCs) and his advocacy for using cryptocurrencies to achieve cash-like financial experiences.