Neil Ferguson, an economic historian and author of The Ascent of Money, said DeFi is challenging naysayers and unleashing a financial revolution.
Neil Ferguson said in an interview with Trustnodes that DeFi is a true financial revolution, taking full advantage of technological innovation to lower transaction costs. And sometimes it happens in the most unexpected way.
Ferguson was referring to new opportunities for trade finance. As an example, he cites the invention of the first bill of exchange in the 1300s. Then a loan from one merchant to another looked like a simple sheet of paper, and a promise to pay was an analogue of P2P lending. This proved decisive for the development of European trade from the late Middle Ages to the 19th century.
According to Ferguson, finance is not just a currency, but also tools that facilitate its movement in the financial system. “DeFi is challenging the naysayers and unleashing a financial revolution that is as disruptive as Web 2.0 did,” he said.
Recall that until 2019, the historian was very skeptical about cryptocurrencies and the technologies behind them. However, Ferguson later admitted that he was wrong when he criticized bitcoin and blockchain.
Source: Bits
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