Ex US Treasury Secretary Says Bitcoin is Innovative

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While the digital currency Bitcoin may be having a few problems in some areas, most notably with the apparent closure of the MtGox exchange, in some quarters it is being hailed as innovative, and an important development. Former US Secretary of the Treasury Lawrence Summers believes that Bitcoin can be a "very, very important development." Coming from a person who served under President Bill Clinton, served as Chief Economist at the World Bank and has also held the post of President Emeritus of Harvard University, Summers' words are not to be taken lightly, and he stated that, "It seems bizarre that at this late date, one has to pay as much as one does to use a debit card or to get cash from an ATM or to transfer money to one's child living abroad."

Summers made the comments at the National Association for Business Economics Policy conference this week and believes that Bitcoin can be a part of a larger transition in which technology plays a much larger part in our lives. Saying that Bitcoin is an "innovative approach" and that it may reduce financial friction perhaps Summers' most important words were, "Very serious economists thought that the Internet was going to be no more important than the fax machine, so I'm not willing to dismiss Bitcoin." While many analysts and economists still have substantiated doubts regarding Bitcoin it's refreshing to hear more positive words being spoken about the currency.

The online gaming world is also slowly but surely beginning to accept Bitcoin and there are now casinos that allow Bitcoin for both deposits and withdrawals with the new Bitbet Casino being one of the best. Due to the fact that the currency is anonymous getting signed up and depositing funds with Bitcoin is quite literally a one minute process, and many Bitcoin users are doing just that.