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Larry Summers Likes the Idea of Bitcoin


Larry Summers Likes the Idea of Bitcoin NYTimes com

Source: http://dealbook.nytimes.com/2015/02/12/l...

“We have seen so little innovation cumulatively directed at taking the frictional costs out of the system,” Mr. Summers said. “The notion that there’s going to be a lot of innovation and experimentation around how those frictional costs can be taken out feels like a very important kind of idea.”

Although not quite a ringing endorsement of Bitcoin itself, Mr. Summers — who is a special adviser to the venture capital firm Andreessen Horowitz, which has invested in Bitcoin-related companies — did say that new payment technologies would eventually become more ubiquitous, like Internet at hotels or Wi-Fi on airplanes. “There will be a moment when they will go from you are struck by their presence to you are struck by their absence,” he added.

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