Bitcoin has tremendous potential to improve the capacity of people around the world to build and store wealth
Last November several people spoke at a Senate hearing to defend bitcoin. I already got a little cranky about them, but looking back over their testimony, there’s another small thing that they all believe that is unsupported by real-world experience: Bitcoin will help people who don’t currently use a bank.
“The combination of ubiquitous Internet-connected mobile devices and digital currency presents a tremendous opportunity to radically expand access to financial services on a worldwide basis,” testified Jeremy Allaire, chief executive officer of Circle Internet Financial, which specializes in money transfer using digital currency.
Jerry Brito of the Mercatus Center, a libertarian think tank, said bitcoin could improve mobile money services already operating in the developing world. Bitcoin can exist wherever there’s a mobile phone, said Patrick Murck of the Bitcoin Foundation, and “… we believe Bitcoin has tremendous potential to improve the capacity of people around the world to build and store wealth.
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