The BBC Economics editor that helped catch the bankers out and who then went on to explain collateralised debt obligations for the rest of us, has just written about the existential challenge that Bitcoin represents to the Big Banks.
Granted, the article is mainly about “How to Break the Banks up”, but it tentatively maps Bitcoin onto the financial future of the would economic stage. When talking about the current payment system he says:
The payments system is huge, creaking and inefficient, built on layer after layer of obsolete computer systems, which may never be overhauled as thoroughly as may be necessary, if banks can get away with patching it up.
Of course as Robert Peston is aware that is exactly the point that Bitcoin steps in, providing a decentralised payment system which is a fresh, and built (nearly) right for the internet age that we live in.
You can read the full goodness here.
If you wondered how many Bitcoins Robert Peston owns, I do too. Anyone got the answer?