I think the internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing but that will soon be developed is a reliable e-cash.
Quote analysis
Meaning
Milton Friedman believed the internet would significantly reduce government's role, particularly by complicating tax collection on services. He predicted that a reliable e-cash system, enabling anonymous digital transactions like physical cash, would soon emerge to facilitate this.
Context
The quote originates from Milton Friedman, with references placing it around 1999, prior to Bitcoin's invention. Historical specifics like exact year and location are uncertain from available sources.
Takeaway
Friedman foresaw digital currency as key to limiting government via the internet. This vision aligns with concepts like anonymous e-cash but differs slightly from Bitcoin's traceable blockchain.
Analysis updated on 2026-04-02.
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