OPINION: ‘Digital Money Will Save the World’s Poor’ and Other Delusions

Monday, January 13, 2014

Last November several people spoke at a Senate hearing to defend bitcoin. I alreadygot 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.

According to the World Bank, about 2.5 billion people worldwide don’t have a bank account, which makes it hard for them to save money and build credit. Not to worry.

Source: Bloomberg Businessweek (link opens in a new window)

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bitcoin, digital currency, digital payments, mobile money