The flagship cryptocurrency, Bitcoin, was created with the aim of disrupting the traditional financial system. In support of this, bestselling author and clinical psychologist Jordan Peterson has suggested that customers should abandon the banking system and probably adopt Bitcoin.
Jordan Peterson says Bitcoin rather than banks
Peterson made the suggestion in response to a report that Macquarie Bank, Australia the fifth largest bank, planned to move to a digital-only banking system by November 2024. With this in mind, the bank will start phasing out cash, check and telephone payment services as part of its offerings.
The psychologist cited the report and said, “Maybe it’s time to defund the banks,” then asked, “Could Bitcoin solve this problem?”
Maybe it’s time to give up
Bitcoin solves that? https://t.co/j6wldXMv7P
– Dr. Jordan B Peterson (@jordanbpeterson) September 14, 2023
On the one hand, Macquarie Bank’s decision has been widely criticized because it potentially excludes certain groups of customers. Furthermore, the 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 should not be able to have as much control over people’s finances and decide how they spend their money, as they could easily implement policies that do not promote or cause harm. difficulties for certain groups of customers.
Additionally, Macquarie, in a statement, described digital transactions as a “safer, faster and more convenient way to bank.” However, crypto proponents disagree as, in response to Peterson’s tweet, some responded that networks like Bitcoin Lightning Network, XRP Ledgerand Bitcoin Cash are a better alternative than banks’ digital systems.
Lightning Network to the rescue
Many, including Republican presidential candidate Aaron Day, appear to be against the idea of Bitcoin replacing banks. In response to Peterson’s tweet, Day declared that the traditional banking system could carry out between 50,000 and 100,000 transactions per second (TPS), unlike Bitcoin, which has a TPS of seven. He also clarified that the CBDC pilot project in the United States can achieve 1.7 million of GST.
No, it was not possible. The traditional banking system can perform between 50,000 and 100,000 transactions per second. The CBDC pilot project in the United States can realize 1.7 million TPS. BTC can make 7 TPS.
You need to do some research before launching BTC. You may think you’re in the crowd, but you’ve actually taken a…
– Aaron Day 2024: Truth and Transformation (@AaronRDay) September 14, 2023
Following this, crypto proponents quickly responded that the Bitcoin Lightning Network helps solve this problem because it offers GST of up to 1 million, making it faster than the traditional banking system, as Day defends.
The network is able to provide a faster alternative while benefiting from the security offered by the Bitcoin blockchain. Blockchain technology (on which cryptocurrencies operate) is considered more secure and transparent than the traditional banking system.
Meanwhile, many in the Bitcoin community seemed happy with Jordan Peterson’s idea to mention the leading cryptocurrency on his platform, as it could suggest that Bitcoin is about to gain a major supporter. The Canadian psychologist has a huge follower base with 4.6 million followers on his X platform (formerly Twitter).
BTC price resumes uptrend toward $27,000 | Source: BTCUSD on Tradingview.com
Featured image of X (formerly Twitter), chart from Tradingview.com