Jimmy Wales, one of the co-founders of Wikipedia, has been very clear in his opposition of Bitcoin. He recently posted a critical analysis of the crypto on social media platform “X”, highlighting the significant differences between the cryptocurrency and the well-established stability of the conventional banking system.
In a recent comment, the British-American internet entrepreneur questioned the dependability of Bitcoin (BTC) in comparison to more conventional assets. Wales provided context by describing a situation in which he claimed to have forgotten his bank password and consequently his whole net wealth.
Why Wikipedia Founder Doesn’t Like Bitcoin
Wales teasingly said: “No, actually, it didn’t happen, since banks work and bitcoin doesn’t.”
I forgot my bank password and lost my entire net worth. No, actually, that didn’t happen, because banks work and bitcoin doesn’t.
— Jimmy Wales (@jimmy_wales) December 10, 2023
Surprisingly, the founder of Wikipedia has changed his mind about Bitcoin. He eventually entered the world of cryptocurrencies, investing in a BTC pool and sharing his stories with obvious enthusiasm.
It just so happens that during this time, Wikipedia started to accept donations in crypto. But things started to change in 2017, which is when his contempt for the leading cryptocurrency first surfaced. His statement of opposition to Bitcoin has remained constant at that point on.
Wales’s public comment indicates that he is skeptical of or disagrees with the tenets and procedures of the most popular cryptocurrency, which is in line with his strong belief on Bitcoin.
Crypto Community Fires Back
Prominent members of the crypto community have retaliated against his remarks. Renowned Bitcoin supporter Samson Mow made allusion to a squandered opportunity when he said:
“You wouldn’t have to beg for donations every year in eternity if Wikipedia merely bought #Bitcoin a few years ago like I advised.”
Many well-known figures in the cryptocurrency industry took exception at the comment, with Tether CEO Paolo Ardoino asserting that a decentralized Wikipedia will eventually take its place.
BTCUSD trading at $41,770 on the daily chart: TradingView.com
John Deaton, an attorney who supports XRP, took a personal stance against Wales’s story. Deaton talked about an experience in which he tried to take out $19,000 in cash from a bank. But the bank teller refused to cooperate, claiming that the manager wasn’t there, which caused long delays.
Similarly, ShapeShift CEO Eric Voorhees highlighted the possible financial gain Wikipedia might have had from early Bitcoin investment.
Wikipedia no longer needs to beg for donations whenever users arrive at the site. No, actually, they still do, because Wikipedia didn’t buy any Bitcoin ten years ago when we told you about it.
— Erik Voorhees (@ErikVoorhees) December 11, 2023
In contrast, Billy Markus, the founder of Dogecoin, discussed Wikipedia’s request for donations on its website, echoing Voorhees’ position.
The contrasting opinions of the inventor of Wikipedia and cryptocurrency enthusiasts like Deaton and Markus provide important context for the ongoing discussion concerning the relative reliability of traditional banking versus the potential of cryptocurrencies.
According to Benzinga Pro, BTC price fell over 3% in the past 24 hours and was trading at $42,251 as of this writing.
Featured image from Freepik