Credit is still a fairly new concept within the history of finance, so many people would rather
stick with paper money than charge purchases to credit cards.
While this can be very
complicated with paper money, credit cards have made purchasing abroad simpler by doing the currency conversion for you in many cases.
There may be no definitive conclusion, but the tweet certainly suggests that the CEO can imagine a future where Bitcoin is at the core of a financial revolution on par
with paper money replacing gold.
What's more is that the window of opportunity for large amounts of coins may quickly close as more and more miners come into the Crypto Currency mining space and
bring with them paper money they hope to turn into digital gold.
Last week I shared two such examples, including Scottish gambler John Law's four - year
experiment with paper money in the early eighteenth century, which ruined France's economy and laid the groundwork for the French Revolution.
Reducing the human factor in money supply and institutional involvement in money distribution to the minimum is an important step forward for our society, and hopefully, we will witness a widespread economic reformation in an attempt to solve the inherent
problems with paper money.
China is systematically and rapidly doing
away with paper money and coins, and people in major Chinese cities are using their smartphones to pay for just about everything — to pay rent, buy groceries, donate to charity, install payments for sexual services, and more.
Goldman Sachs CEO Lloyd Blankfein's recent tweet is on the fence when it comes to Bitcoin, but teases comparison of
Bitcoin with paper money replacing gold.
Plus, there's a lot of nostalgia, heritage and brand equity tied up
with the paper money.