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

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?” 

Maybe it’s time to scrap
Banks

Could
Bitcoin fix this? https://t.co/j6wldXMv7P

— Dr Jordan B Peterson (@jordanbpeterson) September 14, 2023

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.

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…