Canadian psychologist and best-selling author Dr. Jordan Peterson started a discussion on social media about the unnecessaryness of banks and whether Bitcoin (BTC) could be a tool to “eliminate banks”…
It’s time to use Bitcoin
Peterson’s post was about Australia’s Macquarie Bank’s decision to “remove cash, check and phone payment services.” Australia is not the only country planning to end physical cash or other decentralized payment methods. In many European countries, the use of cash is already limited. Notably, Nigerian banks’ ATMs have low cash withdrawal limits.
In this context, Jordan Peterson suggested that people should stop using banks. He also stated that Bitcoin (BTC) could “fix” this problem. Bitcoin can be an alternative tool for those looking for a cash-like experience.
The Canadian doctor has previously shown a penchant for using Bitcoin (BTC) as a tool for global money transfers. Later, he was introduced to Lightning Network with the advice of Joe Nakamoto (@JoeNakamoto) to receive unlimited donations instead of using fiat-based GoFundMe services.
Disagreement continues
Many famous Bitcoin advocates gave supportive answers to Peterson’s question. “What is Money?” podcast host Robert Breedlove said:
Banks add counterparty risk to the use of money. Bitcoin, in its essence, is money without this risk. Yes, Bitcoin fixes this.
But the debate has also brought critics such as Aaron Day, a US presidential candidate in the 2024 elections:
No, he can’t. The traditional banking system can process 50,000-100,000 transactions per second. The CBDC pilot in the US can handle 1.7 million transactions per second. BTC can only process 7 transactions per second. You should do your research before talking about Bitcoin.
Silicon Valley Bank bankruptcy brought the use of Bitcoin back to the agenda
USD Coin (USDC), one of the largest stablecoins, fell to rock bottom prices in March after the American company Circle announced that $ 3.3 billion in reserves were kept in Silicon Valley Bank. This development broke the 1:1 dollar peg, which aims to keep the value of USDC equivalent to the dollar. USDC fell as low as $0.87 at that time.
Officials contacted the White House and the US Treasury Department to stabilize the situation as quickly as possible. cryptokoin.com The SVB collapse, which we reported as, triggered a major bank run event. Fears of the epidemic spreading also arose in England, where SVB’s affiliated unit was declared bankrupt. Leaders of nearly 180 technology companies have called on Chancellor Jeremy Hunt to intervene in the crisis. In a nutshell, Silicon Valley Bank collapsed in March in the largest US bank failure since the 2008 crisis. The incident once again brought to the fore the use cases of Bitcoin and cryptocurrencies.
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