Wikipedia Co-Founder Takes a Shot at Bitcoin
Jimmy Wales, co-founder of Wikipedia, recently took a dig at Bitcoin on social media. He sarcastically bragged that he has never lost money due to forgetting his bank password, unlike many users who have lost their Bitcoin because they forgot their wallet passwords. However, his comments didn’t sit well with the Bitcoin community.
The Bitcoin Community Responds
The crypto community fired back at Wales, reminding him that while banks might work for some people, they are not accessible to everyone. Alex Gladstein, from the Human Rights Foundation group, pointed out that only about one billion people out of the world’s population of eight billion have access to banking services.
Lyn Alden, founder of Lyn Alden Investment Strategy, also chimed in by highlighting that even those with bank accounts are not always secure. She mentioned the case of a Lebanese doctor who lost 95% of their savings due to hyperinflation.
Bitcoin Proponents Counter Wales’ Claims
Bitcoin proponents like Samson Mow took the opportunity to remind Wales about the reliance of Wikipedia on donations for survival. Mow suggested that if Wikipedia had invested in Bitcoin as he had previously suggested, it wouldn’t need to beg for donations every year.
Hot Take: The Importance of Accessible Financial Services
While banks may work for some people, it’s crucial to recognize that they are not accessible to everyone. The global population lacks equal access to banking services, with only around one billion people having such access. Additionally, even individuals with bank accounts can face risks and losses. It’s important to understand that different financial systems cater to different needs and circumstances. Rather than dismissing cryptocurrencies like Bitcoin, it is more productive to explore how these technologies can provide financial inclusion and security to those who are underserved by traditional banking systems.
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