Best-selling author and clinical psychologist Jordan Peterson has ignited a debate by suggesting that customers should abandon traditional banking systems and consider adopting Bitcoin. This statement came in response to news that Macquarie Bank, Australia’s fifth-largest bank, plans to transition to a digital-only banking system by November 2024, phasing out cash, cheques, and phone payment services.
Peterson’s question of whether Bitcoin could solve the banking problem raised valid concerns about the control financial institutions have over people’s finances and the potential exclusion of certain customer groups. This move by Macquarie Bank exemplifies a problem that cryptocurrencies like Bitcoin aim to address by offering customers more control over their money.
While the bank described digital transactions as safer, quicker, and more convenient, crypto advocates countered that networks such as the Bitcoin Lightning Network, XRP Ledger, and Bitcoin Cash provide better alternatives to traditional banks’ digital systems.
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