Milton Friedman talked about the BTC in 1999

Milton Friedman

A fragment from a video from 1999 was published on Twitter in which the Nobel Prize winner in economics Milton Friedman predicted the appearance of a P2P coin, which will be created with the help of new technologies and will resemble Bitcoin in its properties.

“I think that the Internet will become one of the main forces to reduce the role of government in society.

An important component will be reliable electronic money, with the help of which you will be able to transfer your funds from user A to user B, while they both will know nothing about each other. ”

Milton Friedman became famous not only for receiving the Nobel Prize in Economics in 1976 due to “his achievements in consumer analysis, monetary history and theory, as well as the demonstration of the complexity of the stabilization policy”, but also the foundation of monetarism.

Many of his studies dealt with the currencies and monetary policy of central banks, with a special focus on the phenomenon of inflation.

However, during the 1999 interview, Friedman touched on another aspect – financial freedom, saying that new peer-to-peer technologies would allow online transactions without intermediaries and, therefore, provide users with anonymity.

Friedman was one of the main opponents of government intervention in the financial markets, so it is not surprising that in 1999 he focused on the ability to make direct P2P transactions on the Internet without intermediaries and government control.

Prior to the launch of Bitcoin on January 3, 2009, several attempts were made to create electronic coins on the Internet, so it can be said that in 1999 the idea was not completely new. Innovation was the fact that the coins can be peering.

The first P2P coin that ever really existed was Bitcoin, created about ten years after Friedman’s interview.

1 thought on “Milton Friedman talked about the BTC in 1999

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: