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The former U.S. Treasury secretary calls Bitcoin an innovation

Sabbetus (2457652) writes | more than 2 years ago

Bitcoin 0

Sabbetus (2457652) writes "Larry Summers, who has been chief economist of the World Bank and secretary of the U.S. Treasury, calls Bitcoin an innovation in a recent Technology Review interview. The question is "Can money exist without government and monetary policy?" and his answer is "Conceptually, money can exist without a central authority. The United States only got a central bank in 1913, and we were a country with a functioning economy before 1913." ... "Bitcoin is one of many innovative technologies that are going to seek to take friction out and provide services to people. You can make a priori arguments about how it will work very well, and you can also raise concerns a priori. And I think if we know anything about new technologies, you just have to wait and see what happens in the marketplace." With recent news of Bitcoin seeking new life in Africa, P2P Foundation paying salaries in bitcoins and a blogger at Forbes writing regularly about Bitcoin, perhaps there is something to it other than just doom & gloom."

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