Libertarians like Friedrich Hayek (Nobel Laureate) have been claiming for years that central banks are the source of many of the problems facing world markets. Now some very serious people see Bitcoin as an opportunity to reduce the need for United States Dollars in international transactions and remove central banks from the equation. On the other hand, Paul Krugman (Nobel Laureate) had a very different assessment.
the furor over Bitcoin was a useful lesson in the ways people misunderstand money — and in particular how they are misled by the desire to divorce the value of money from the society it serves.
For those tasked with supporting sustainability, this means that Bitcoin represents a strategic uncertainty because it could undermine the safeguards that documented sales provide to micro and small businesses, which allow them to sell overseas. The reason is that generally speaking it is easier for companies from two different countries to do business in US dollars via documented sales, which are then validated by US banks.
The post-Globalization movement away from US dollars as the international currency of choice and US banks as the settlement houses will reduce the need to do business with American companies. This will limit the growth potential of many micro and small businesses that rely heavily on international markets and negatively impact the lesser industrialized communities they support.
This could lead to the kind of hollowing out of America that hasn’t been seen since the 1980’s. The reason is because rural residents that support Democrats may have to move to highly industrialized markets in order to find work, which will further solidify support for Neoliberalism in GOP strong holds. And this political shift could limit America’s ability to react to techno economic changes in the post-Globalization marketplace.
 Krugman, P. The Antisocial Network The New York Times, Opinion Pages