Jordan Peterson: Bitcoin Should Replace Traditional Banks

Renowned Canadian psychologist and best-selling author, Dr. Jordan Peterson, has ignited a lively debate within his community of over 4.6 million followers on Social Media Platform X.

On September 14, he weighed in on the ‘unbanking’ movement and suggested that Bitcoin (BTC) could serve as a means to “scrap banks.”

Peterson’s comments were prompted by news from Australia, where Macquarie Bank’s branches announced their intention to eliminate cash, cheque, and phone payment services.

Australia is not alone in this trend. Across many European countries, cash usage is already restricted primarily to smaller transactions. Nigerian banks have also implemented low cash withdrawal limits on their ATMs.

In light of these developments, Jordan Peterson questioned the need for traditional banks and proposed Bitcoin as a potential solution. He mused whether Bitcoin could offer an alternative for those seeking a cash-like experience with their finances.

What’s particularly interesting is that Dr. Peterson has previously expressed his willingness to utilize Bitcoin for international monetary transactions.

He even explored Lightning Network custodial wallets, thanks to guidance from Joe Nakamoto (@JoeNakamoto), as a means to receive borderless donations instead of relying on fiat-based platforms like GoFundMe.

Responding to Peterson’s inquiry, numerous well-known Bitcoin advocates voiced their support for the idea. Among them was Robert Breedlove, the host of the popular “What is Money?” podcast, signaling a growing conversation around the role of Bitcoin in challenging traditional banking systems.