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THE EMERGENCE OF BITCOIN MERCHANT BANKERS
In the last podcast I was honored by the question, “What will the startups look like that will enable bitcoin to be utilized in sound commercial banking?”
This question deeply moved me because it means the message is getting through. For those who want to understand what free market banking is all about and just how it emerged in the past, The Lost Art of Commercial Banking by E. C. Harwood is a must read.
Just as gold is lousy cash and emerged in free markets as the standard able to service a modern economy during The Guilded Age with the emergence of sound commercial banking, Bitcoin will also emerge as a new paradigm with simultaneous emergence of sound commercial banking based on The Bitcoin Standard.
Free market money and free market banking will either go hand in hand . . . or . . . bitcoin will remain a sophisticated form of barter, unconfiscatable and without borders. . . lousy cash . . . a volatile store of value. . . as it is today. . . useful . . . but hardly able to meet the needs of a modern industrial and technological society.
