Former US Secretary of Treasury Lawrence Summers has praised bitcoin technology in a speech given at the American Museum of Finance on Wall Street in New York. He spelled name of the founder of Bitcoin as “Nakatomi”, but few people noticed, focusing instead on the message of the speech, which attracted the attention of the New York Times Dealbook.

Lawrence “Larry” Summers is a prominent American economist. He was the chief economist of the World Bank in 1991-1993, Deputy Secretary of Treasury in 1995-1999, and Secretary of Treasury in 1999-2001. Later, he was President of Harvard University (2001-2006) and Director of the National Economic Council.

In his Wall Street speech, Larry Summers talked positively about bitcoin. He said that the digital currency should leave its “hyperlibertarian aura”, which can deter people from outside the enthusiast community, in the past. According to the former Clinton official, bitcoin needs to focus more on security.

“If the day ever comes where Bitcoin counts for an appreciable fraction of commerce that takes place in the world economy, on that day it will be because that commerce is regulated and subject to safeguards and people believe that something other than a mathematical algorithm is ensuring that their money will not be stolen”, said the celebrated economist.

In his presentation, Summers happened to misspell the name of the founder of Bitcoin, Satoshi Nakamoto. He spoke about “Mr. Nakatomi” – but few in the Wall Street audience noted his error, says The New York Times.

It is not the first time that the former Secretary of Treasury has spoken publicly about the prospects of digital currency. One of his first speeches about bitcoin dates back to November 2013. He praised bitcoin again in February 2014, after the Mt.Gox crash, and discussed bitcoin in April and June 2014.

Nobody in the bitcoin industry has ever called Lawrence Summers a lobbyist, but he has certain connections in the sector. He knew the Winklewoss brothers when they studied in Harvard together with Mark Zuckerberg. At a later stage in his career, he became an adviser to the venture capital fund Andreesen Horowitz, one of the biggest investors in cryptocurrency. In December 2013, the venture fund invested $25 million in Coinbase before it became one of the top wallet providers in the world.