Walter Isaacson, CEO of the Aspen Institute Says Bitcoin Will Help Shape the Payment Space

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Walter Isaacson, CEO of the Aspen Institute Says Bitcoin Will Help Shape the Payment Space

Walter Isaacson, author and CEO of the Aspen Institute, believes that there are various advantages from disruptive technologies such as Bitcoin which according to him can shape the payments space in 2015. Coming from someone who was the chairman and CEO of CNN and the editor of TIME magazine, the remark is motivating.

Heading a nonpartisan educational and policy studies institute based in Washington, DC, Walter Isaacson gave an interview to CNBC’s Squawk Alley wherein he emphasized that while payments innovations like Apple Pay are a step forward for consumers, it’s important to find new technologies that will disrupt the banking and credit card systems.

This according to him help people get easier payments systems; however, he admitted that he is disappointed a little bit that Apple Pay didn’t do it with its own financial thing and decided to do it with people’s credit cards. Walter is not alone in accepting that Bitcoin can transform the way international transactions are carried out, Sir Richard Branson also shares similar views.

Similarly, American Express’s Kenneth Chenault shares similar views about Bitcoin. ForexMinute reported he had then admitted that he saw promise in Bitcoin’s underlying technology and the protocol of Bitcoin is going to be important and alternative currencies are like the music service Napster, and later iTunes, with their potential to drive industry change.

Bitcoin can Transform the Way Payments are done

Sharing his views Isaacson says that over and above speculation for profit Bitcoin has caught on because of its potential in micropayments. He says now with Bitcoin he can pay 25 cents, 50 cents, whatever which is quite useful feature given the fact that the traditional banking industry does not allow micropayments.

Nonetheless, Isaacson also pointed out that a “change purse” of digital currency would allow people to easily reward the creators of songs, blogs and even newspapers. According to him it would start an economy where people could sell things digitally, for small amounts of money, and he thinks it would revive journalism and many other things.

He also contributes to LinkedIn wherein he wrote, recently, that companies such as ChangeTip, BitWall, Coinbase and others will empower creators and consumers of content and eventually strip some of the power away from companies like Amazon, Alibaba, and Apple. According to him this will upend current kludgy financial system and ignite an explosion of disruptive innovation.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com