Milton Friedman expected the development of a reliable "eCash" on the internet but not quite Bitcoin

Milton Friedman spoke of an "eCash" similar to a $20 bill where "A" can give it to "B" who can give it to "C". The bill would not have any memory of who held it or where it came from. This is not exactly how Bitcoin works but the idea of a reliable network cash used for internet transactions is foretelling.

Friedman was speaking in terms of limiting individual states from collecting taxes on services. "The internet is going to make it very difficult to collect taxes on services of all kinds."

Paul Mangione
Fort Schuyler Advisors
www.ftschuyler.com

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