04/12/2013 01:39 pm ET

Douglass Rushkoff, Tech Theorist, Talks Bitcoin And Reinventing Money On HuffPost Live

Media and technology theorist Douglass Rushkoff joined HuffPost Live Thursday to discuss his new book, 'Present Shock' and all things tech. The topic of Bitcoin came up and host Ricky Camilleri asked Rushkoff how he felt about the growing interest in the digital currency.

"Bitcoin is still a scarcity-based currency that is going to grow if you save and that's what we built in 1100 or 1200 AD, a central currency to replace genuine peer-to-peer currencies," Rushkoff said. "What we're actually looking at, I think, maybe not this decade but certainly this century, are currencies that work in other ways, currencies that are self-authenticated, little cell-phone based currencies that serve local communities and special interest kinds of communities."

Rushkoff went on to discuss how Bitcoin could revolutionize the economy: "Currencies that are biased not towards storage and savings and capitalism but currencies that are biased towards transaction, biased towards the velocity of money rather than the storage application of money. Once we see a currency optimized to that, you're going to see a different kind of economy come through."

Douglass Rushkoff's book 'Present Shock' is currently available in stores.