Well. That was a disappointing CNBC interview. Unfortunately when Warren Buffet speaks people listen, and that is bad news for Bitcoin and other digital currencies. A fast money order is perhaps the most dismissive explanation possible for such a revolutionary technology. I guess you could consider it comparable if you could programmatically send an anonymous money order to anyone on the planet in seconds with no possibility of interception. Scratch that, it’s not the same thing.
This helps to illustrate the divide between technologists and financiers in the digital currency space. We need more entrepreneurs who can bridge that gap, who understand the financial and technological ramifications of everyone on the planet being able to pay anybody else. There are billions of unbanked and under served people, and now a glimmer of hope that we can connect them instantly and securely to the world economy.
Friction and rigidity in the remittances and international money transfer markets make it both impractical and not cost effective to provide banking services of any kind to someone who is living on a dollar a day. Now, we have the tools that can potentially lift billions of under-served people out of poverty in the form of direct micro-finance, deposits, interest, and monetary security. There is an old expression, don’t throw the baby out with the bath water. It is one thing to discredit Bitcoin specifically as a method of wealth transfer, and entirely another to dismiss the transformative technologies it is based on. Don’t conflate the two.