Dogecoin co-founder Jackson Palmer sees the cryptocurrency space as an ecosystem where the rich become more prosperous with the support of tax-avoiding or defrauded individuals. He doesn’t think the market’s current decline will last long, and it’s a pity that the end of cryptocurrencies is not yet near. Palmer is a well-known cryptocurrency critic, and his latest outburst is no surprise.
Even if encryption is a scam, people don’t care
In 2013, software engineer Jackson Palmer co-founded one of the most popular memecoins, Dogecoin. Years later, the asset’s market valuation has soared into the billions, while he claims cryptocurrencies have become an attractive feature of “shark-like charlatans and opportunists.”
Last summer, Palmer went further, labelling the digital asset industry as a “right-wing, hyper-capitalist technology whose primary purpose is to expand the wealth of its proponents through tax avoidance, reduced regulation, and artificially enforced scarcity.”
In a recent interview with Australian media outlet Crickey, he reiterated his anti-crypto stance. Palmer believes that the current market crash cannot be classified as a “crypto winter” as promoters continue to pour money into the industry.
“They’re waiting for a new batch of fools to come in. It happens periodically. You wait for a while and let the collective memory of the world forget how deceiving it was.”
Dogecoin’s co-founder wants this to be the end of cryptocurrencies as the space gets ripped off by scammers and witnessing fraudulent activity but says: “Do I really care?”
Another problem noted by Palmer is that celebrities often mislead inexperienced investors by promoting digital asset projects simply because they get paid.
One of the few good things about the field, the software engineer claims, is that the number of skeptics has been increasing since individuals started losing money. Before this, most people profited from bull markets, and even when they noticed a Ponzi scheme, their reaction was: “So what, the world is a pyramid scheme.”
Are cryptocurrencies really that bad?
Contrary to Palmer’s bashing list, digital assets, more specifically Bitcoin, have certain benefits that make them very beneficial in today’s world.
Bitcoin was once decentralized (it was not printed or controlled by a central bank), accessible and transparent. In times of economic crisis (like now), it can act as a hedge against inflation. Instead of buying precious metals or properties riddled with gates, investors can buy very small amounts of BTC (they can allocate $10, $100, or whatever amount they want).
Notably, many experts have highlighted the asset’s virtues over the past few years. Billionaires Paul Tudor Jones and Chamath Palihapitiya believe it has become a better inflation hedge than gold. One of Apple’s inventors, Steve Wozniak, sees Bitcoin as a mathematical phenomenon, while traditional investor Bill Miller sees its unique properties as akin to a luxury sports car Ferrari.
Even the richest man in the world – Elon Musk – believes that Bitcoin and altcoins may not be perfect, but are “fundamentally better” than any other financial product.
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