Jimmy Wales Criticizes Bitcoin and Banks
Jimmy Wales, co-founder of Wikipedia, recently expressed his criticism of Bitcoin on social media. He compared the dependability of the cryptocurrency to the stability of the traditional banking system. Wales shared a hypothetical scenario where he forgot his bank password and claimed that banks work while Bitcoin does not.
Why Wales Doesn’t Like Bitcoin
Wales jokingly tweeted, “I forgot my bank password and lost my entire net worth. No, actually, that didn’t happen, because banks work and bitcoin doesn’t.” This statement reflects his long-standing opposition to Bitcoin.
In the past, Wales had embraced cryptocurrencies and even invested in a BTC pool. However, his view changed in 2017 when he started showing contempt for Bitcoin. Since then, he has remained skeptical of the leading cryptocurrency.
Crypto Community Responds
Members of the crypto community responded to Wales’ remarks. Bitcoin supporter Samson Mow pointed out that if Wikipedia had invested in Bitcoin earlier, they wouldn’t need to ask for donations every year. Tether CEO Paolo Ardoino suggested that a decentralized alternative to Wikipedia will emerge.
Attorney John Deaton shared his personal experience with a bank teller who caused delays when he tried to withdraw cash. ShapeShift CEO Eric Voorhees highlighted the missed opportunity for Wikipedia to benefit financially from early Bitcoin investment. Dogecoin founder Billy Markus echoed this sentiment.
Hot Take: The Debate Continues
The opposing views between Jimmy Wales and cryptocurrency enthusiasts like Deaton and Markus highlight the ongoing discussion about the reliability of traditional banking compared to the potential of cryptocurrencies. As this debate continues, the price of BTC has fallen over 3% in the past 24 hours, currently trading at $42,251.
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