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“As a company whose business proposition has gone from kind of weird to utterly commonplace in the space of a few years, has always been comfortable with novelty.
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With Bitcoin community framework and its open source code, run by fellow Internet users” is there a reason for the government to be in charge of money anymore?
” The arrival of Bitcoin, the post 2007 financial crash environment combined with trust in banks at an all-time low (Kemp-Robertson, 2013) synthesises an environment which challenges us to think about traditional central institutions and money.
Therefore, he argues money as an expression of value and trust bestowed upon others in agreeing this value is wavering in current government backed system.
In this digital age where we are able to create value online, together with the current sentiment of placing more trust on ‘a person like yourself ’to reciprocate said value “Bitcoin suddenly start[s] to make more sense”.
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The prevailing practice of quantitative easing has caused concerns in the confidence of current money inflation in the likes of Warren Buffett, as interviewed by Evans-Pritchard (2013) in The Telegraph.