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Larry Summers Likes the Idea of Bitcoin

Larry Summers Likes the Idea of Bitcoin NYTimes com


“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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