Former SEC Chairman Levitt and Blockchain’s Smith Answer Bitcoin’s Naysayers

Former SEC Chairman Levitt and Blockchain’s Smith Answer Bitcoin’s Naysayers

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As financial companies have begun exploring blockchain technology, bitcoin’s guarantee as a remuneration disruptor has warranted a satisfactory share of skeptics who contend a guarantee has been exaggerated.

In response to these naysayers, Arthur Levitt, Jr., former authority of a Securities and Exchange Commission, and Peter Smith, CEO of Blockchain, have created a mainstay in American Banker arguing that those who contend bitcoin won’t interrupt payments are wrong. They residence a pivotal arguments, such as a explain that a U.S. and Western Europe are already good served by existent financial systems, that bitcoin can’t strech areas not served by a Internet, and that there are “last mile” costs for converting bitcoin to internal currency.

Existing Systems Sufficient?

In late June, Citi Research expelled a news titled, “Could a Bitcoin Blockchain Disrupt Payments?” The researchers’ brief answer was “no.” One of a categorical arguments a naysayers was that a U.S. and Western Europe are already good served by existent financial systems.

Levitt and Smith determine that existent remuneration systems can work good for those within a determined system. But for a 2.5 billion



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