Jordan Peterson Sparks Debate On How Bitcoin Can Solve Major Banking Problem

Read full article at newsbtc.

The flagship cryptocurrency, Bitcoin, was created with the goal of disrupting the traditional financial system. In support of this, Best-selling Author and Clinical Psychologist Jordan Peterson has suggested that customers should abandon the banking system and probably adopt Bitcoin.

Jordan Peterson Says Bitcoin Over Banks 

Peterson was making this suggestion in response to a news report that Macquarie Bank, Australia’s fifth largest bank, was planning to transition to a digital-only banking system by November 2024. In line with this, the bank will begin phasing out cash, cheque, and phone payment services as part of its offerings. 

The psychologist quoted the report and stated, “Maybe it’s time to scrap Banks,” and further quizzed, “Could Bitcoin fix this?” 

For one, Macquarie Bank’s decision has been widely criticized as it potentially excludes certain customer groups. Furthermore, this move also highlights one of the problems that cryptocurrencies like Bitcoin aim to solve by giving customers more control over their money.

It is believed that these financial institutions shouldn’t be able to have so much control over people’s finances and decide how they spend their money as these banks could easily implement policies that do not favor or cause difficulties to certain customer groups. 

Additionally, Macquarie, in a statement, described digital transactions as being a “safer, quicker, and more convenient way to bank.” However, crypto advocates beg to differ as, in response to Peterson’s tweet, some responded that networks like the Bitcoin Lightning Network, XRP Ledger, and Bitcoin Cash are a better alternative than the banks’ digital systems. 

Lightning Network To The Rescue

Many, including Republican presidential candidate Aaron Day, seem to be against the idea of Bitcoin replacing banks. In response to Peterson’s tweet, Day stated that the traditional banking system could do between 50,000 and 100,000 transactions per second (TPS), unlike Bitcoin, which has a TPS of seven. He also elaborated that the CBDC pilot in the US can do 1.7 million TPS.

Following this, crypto supporters quickly responded that the Bitcoin Lightning Network helps to solve this problem as it boasts a TPS of up to 1 million, making it faster than the traditional banking system, which Day argues for. 

The network is able to provide a quicker alternative while enjoying the security that the Bitcoin blockchain provides. Blockchain technology (which cryptocurrencies run on) is said to be more secure and transparent than the traditional banking system.

Meanwhile, many in the Bitcoin community seemed to be happy about the idea of Jordan Peterson mentioning the foremost cryptocurrency on his platform, as that could suggest that Bitcoin is about to gain a major proponent. The Canadian psychologist boasts a huge follower base with 4.6 million followers on his X (formerly Twitter) platform.

Bitcoin price chart from (Jordan Peterson banking)

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Related articles

Shiba Inu Coin | Will Shibarium Send SHIB To All Time Highs?

Read full article at ClayBro. Shiba Inu Coin holders frequently want to know if Shibarium will Send SHIB […]

Learn More


Read full article at Oscar Ramos. EXTREMELY GOOD CRYPTO INSIGHT!!!! ✅ Join the Discord Server and Patreon Fam: […]

Learn More

Binance to deactivate some deposit addresses for wallet upgrade

Read full article at News. Cryptocurrency exchange Binance continues upgrading its wallet infrastructure, which requires affected users […]

Learn More