Jackson Palmer – one of Dogecoin’s founders – sees the cryptocurrency space as an ecosystem where wealthy people are getting even more prosperous on the back of tax avoidance or scammed individuals. He thinks the market’s current decline will not last long, regretting the end of crypto is not near. Palmer is a well-known crypto critic, and his latest outburst doesn’t come much as a surprise.
Even if Crypto is a Scam, People Don’t Care
In 2013, software engineer Jackson Palmer co-created one of the most popular memecoins – Dogecoin. Years later, the asset’s market valuation soared into the billions, as he claimed cryptocurrencies had become an attractive feature for “scammers and shark-like opportunists”.
Last summer, Palmer went even further, labeling the digital asset sector as a “right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight, and artificial enforced scarcity.”
In a recent interview for Australian outlet Crickey, he reiterated his anti-crypto stance. Palmer argued that the current market crash cannot be called a “crypto winter” as developers continue to pump money into the industry.
“They’re waiting for a fresh batch of fools to come in. This happens in cycles. You wait for a while for the collective memory of the world to forget about how much of a scam it is.”
The Dogecoin co-founder wished this was the end of crypto as the space is rammed by scammers and people who witness fraudulent activity but say, “do I really care? “
Another problem that Palmer pointed out is that celebrities often promote digital asset projects just because they have been paid to do so and thus mislead inexperienced investors.
The software engineer claimed that one of the few good things in the space is that the number of skeptics has been on the rise since individuals started losing money. Before that, the majority were winning through bull racing, and even if they noticed a Ponzi scheme, their response was, “So what, the world is a pyramid scheme.”
Is Crypto Really That bad?
Contrary to Palmer’s bashing manifest, digital assets (more specifically bitcoin) have certain benefits that make them highly beneficial to today’s world.
Bitcoin, for once, is decentralized (it is neither printed nor controlled by central banks), easily accessible and transparent. In times of economic crisis (like today), it could act as a hedge against runaway inflation. Unlike buying precious metals or properties, which are riddled with gatekeeping, investors can buy very small amounts of BTC (they can distribute $10, $100, or whatever amount they choose).
It is worth noting that numerous experts have emphasized the asset’s merits over the past few years. Billionaires Paul Tudor Jones and Chamath Palihapitiya believe it has emerged as an inflation hedge superior to gold. One of Apple’s inventors – Steve Wozniak – sees BTC as a mathematical phenomenon, while legacy investor Bill Miller opined its unique nature resembles the luxurious sports car Ferrari.
Even the richest man in the world – Elon Musk – has argued that bitcoin and altcoins may not be perfect but they are “fundamentally better” than any other financial product.
