Dr. Jordan Peterson, a renowned Canadian psychologist and best-selling author with a substantial following of over 4.6 million on the social media platform X, ignited a discussion about the "unbanking" movement and the potential role of Bitcoin (BTC) as a means to challenge the traditional banking system.
Peterson's statement was prompted by recent news from Australia, where Macquarie Bank announced plans to discontinue services related to physical cash, checks, and phone payments.
This move reflects a broader trend worldwide, where various countries, including most European nations, have already restricted the use of cash to smaller transactions. Nigerian banks have also implemented low cash withdrawal limits on their ATMs.
In response to this evolving landscape, Jordan Peterson raised the question of whether people should reconsider their reliance on traditional banks and explore Bitcoin as an alternative solution. He highlighted Bitcoin's potential to offer a cash-like experience with one's finances.
It's worth noting that Dr. Peterson had previously expressed interest in using Bitcoin to facilitate global monetary transactions. He was introduced to Lightning Network custodial wallets by Joe Nakamoto (@JoeNakamoto) as a means to receive borderless donations, bypassing the need for fiat-based platforms like GoFundMe.
In response to Peterson's inquiry, several prominent Bitcoin advocates voiced their support for the idea. For instance, Robert Breedlove, the host of the "What is Money?" podcast, commented:
"Banks introduce counterparty risk into the use of money. Bitcoin, when held in self-custody, eliminates counterparty risk. Therefore, yes, Bitcoin addresses this issue."
— Robert Breedlove (@Breedlove22)
Photo from: David McBee: https://www.pexels.com/el-gr/photo/730547/
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