Dr. Jordan Peterson, a well-known Canadian psychologist and best-selling author with over 4.6 million followers, started a discussion on September 14th about the “debanking” movement and how Bitcoin might make traditional banks less relevant.
Peterson’s post gained notice in response to reports from Australia about Macquarie Bank’s decision to gradually eliminate cash, cheques, and telephone payment services.
Australia isn’t alone in wanting to reduce the use of physical cash and other non-centralized payment methods. In many European countries, cash is mainly used for small purchases, and Nigerian banks have strict cash withdrawal limits at their ATMs.
Dr. Jordan Peterson suggested that people consider avoiding traditional banks and wondered if Bitcoin could be a viable alternative for those who prefer a cash-like experience with their money.
Bitcoin and Cryptocurrencies
Dr. Jordan Peterson has previously shown his openness to using Bitcoin for global financial transactions. He even collaborated with Joe Nakamoto (@JoeNakamoto) to accept unlimited donations through Lightning Network wallets instead of using traditional fiat-based crowdfunding platforms like GoFundMe.
Many well-known Bitcoin advocates responded to Peterson’s question and expressed their support for his perspective. Robert Breedlove, host of the “What is Money?” podcast, mentioned:
“Traditional banks introduce risks when you use money. Bitcoin, being self-sovereign, eliminates these risks. So yes, Bitcoin addresses this issue.”
The discussion also included supporters of other cryptocurrency networks like Bitcoin Cash (BCH), Nano (XNO), Monero (XMR), XRP Ledger (XRP), Dash (DASH), ZCash (ZCH), Litecoin (LTC), and Dogecoin (DOGE). These networks focus on offering users a decentralized and privacy-conscious cash-like experience.
However, the debate also involved critics like Aaron Day, a presidential candidate for the 2024 US elections, who argued:
“No, it cannot. The traditional banking system can process 50,000-100,000 transactions per second. The CBDC pilot program in the US can handle 1.7 million TPS. Bitcoin can handle 7 TPS. You should do some research before talking about BTC.”
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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