Ben Bernanke received the Nobel Prize in Economic Sciences on October 10 in recognition of his revolutionary work on banking and financial issues.
Satoshi Nakamoto should win the Nobel Prize.
— Lex Fridman (@lexfridman) October 10, 2022
Bernanke laid the groundwork for studying bank purposes, ways to keep them less susceptible to crises, and how bank failures worsen financial issues. He demonstrated, among other things, how bank runs were a key reason why the crisis deepened and lasted so long. This research has aided in the regulation of financial markets and the management of financial issues.
However, this provoked a series of negative comments from the Twitter community, which noted that any centralized financial system and organization should not get such an honorable award. Some others claim that the centralization model used by banking systems has done more harm to the financial sector than good.
In addition, the award also reignited criticism of Mr. Bernanke’s activities, with some pointing out that he initiated significant bank acquisitions of government debt, which some claim contributed to the price increases currently afflicting the economy.
Regarding the recent award, Lex Friedman tweeted that Satoshi Nakamoto, the creator of the Bitcoin platform, ought to have received the Economics Nobel Prize. According to several cryptocurrency enthusiasts, the introduction of blockchain technology has enhanced the banking sector. The groundbreaking, powerful mining technology system has empowered several people.
Bitcoin pioneered a wave of financial platforms that steer clear of single points of failure. These platforms effectively avoided the need for decision-making intermediaries who could set off a chain reaction of problems. It is simple to carry out transactions between two parties without them. The ability to transact across multiple nations is now easier and faster.
Since cryptocurrency transactions are handled in decentralized networks rather than the centrally controlled banking system, they are characterized by a level of secrecy that is not possible with traditional financial transactions.
With the introduction of Bitcoin, many people now have control over their financial status, something that centralized systems cannot claim to achieve. It has caused some people to argue that the creator of cryptocurrencies deserves to win the Nobel Prize in economics.