- Jimmy Wales’ comments have raised a debate in the crypto world.
- The Bitcoin community is defending Wikipedia’s co-founder’s thoughts.
Jimmy Wales has posted his thoughts on X (Twitter) regarding Bitcoin which has raised a debate online within the crypto community. They have expressed disagreement with his statement. He stated that unlike Bitcoin users, even after forgetting his password to the bank account he never lost his money. This public comment reflects his disagreement with Bitcoin’s principle.
His comments have reignited the debate on traditional banks and crypto financial institutions. Personalities from the crypto community have raised their voices against his thoughts. In the humorous post on X, Wales claimed to have lost the bank account password and subsequently lost all his cash.
The co-founder then continued with his remarks on Bitcoin, saying that this would never have happened with banks because they function reliably, unlike Bitcoin. The tweet highlights his dislike towards Bitcoin. On the other hand, it also shows the emerging anger from the crypto community due to this tweet.
What is the Stand of the Crypto Community?
Many members of the crypto community have voiced their disagreement on the topic. Alex Gladstein, Chief Strategy Officer at Human Rights Foundation, said that banks primarily function in the countries that abide by strict laws and stable currencies and only 1 Billion amongst the 8 Billion population of the world have access to these banks.
Lyn Alden, founder of Lyn Alden Investment Strategy, laid focus on the fact that even those who have access to the banks are prone to financial hardships. She gives an example of a Lebanese doctor who lost 95% of their savings due to hyperinflation, which highlights the vulnerability of traditional finance.
Samson Mow, the Bitcoin proponent, grabbed the chance by pointing out the irony of Wale’s comment, given Wikipedia’s dependence on donations to sustain its operations. He suggested that if Wikipedia invested in Bitcoin as he suggested a few years before, then they would not have to rely on donations.
Some other crypto supporters have raised their concerns regarding the centralized nature of banks, repeating that it does not serve the needs of everyone. Danny Scott, CEO of Bitcoin exchange Coin Corner, argued that Wales was comparing two different scenarios and likened the situation more to the Bitcoin user who has lost access to the accounts by forgetting the password. It can be reset without the loss of funds. He also pointed out that losing physical cash is an irreversible loss.
Summary
Jimmy Wales’ tweet on X criticizing Bitcoin has sparked the Bitcoin debate. The crypto advocates quickly responded to the tweets favoring their industry and highlighted the drawbacks of traditional banking which include its lower accessibility to the population. The raised doubt about the reliability of Bitcoin has received intense backlash from the crypto community.