Wikipedia Founder Jimmy Wales Slams Bitcoin Over Banks in Bizarre Tweet

Published December 11, 2023 3:04 PM

By Teuta Franjkovic

Jimmy Wales's comparison of Bitcoin with banks sparked debate | Credit: getty Images

Key Takeaways

Jimmy Wales compared the reliability of banks to Bitcoin, sparking a heated discussion on social media.
Markus attacked Wales’s constant fundraising for Wikipedia, implying they should have invested in crypto instead.
The debate reflects the changing landscape of finance and the growing interest in alternative solutions.

Ever since its inception in 2008, Bitcoin has been a subject of controversy and headlines. Advocates celebrate the cryptocurrency’s introduction as the dawn of a new and fair monetary system. Detractors, on the other hand, highlight its involvement in illicit activities and the lack of legal recognition.

Some of the most powerful Bitcoin advocates, such as pro-XRP lawyer John Deaton and crypto experts, recently responded to Wikipedia’s Jimmy Wales, critiquing his bank vs. Bitcoin comparison and fundraising tactics.

Crypto vs. Banks: Sparking Debate with Personal Experiences

In a recent post on social media, Jimmy Wales, the founder of Wikipedia, started a discussion by drawing a comparison between the dependability of banks and the operational capabilities of Bitcoin.

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

Simultaneously, key figures in the crypto sphere, such as Deaton and Dogecoin founder Billy Markus , presented personal experiences and perspectives to challenge Wales’s statement.

the only thing i know about you is you constantly beg for money like a bum

— Shibetoshi Nakamoto (@BillyM2k) December 11, 2023

As various voices within the crypto community joined the dialogue, the clash of viewpoints illuminated the changing narrative concerning conventional banking, cryptocurrencies, and financial independence.

In response, XRP-supporting lawyer John Deaton took a personal stance to challenge Wales’s narrative.

I didn’t lose my password but I tried to take $19K out in cash and the bank teller told me she could not give me my ? because the ? manager was not in. By the time the ? allowed me to take out my ?, #Bitcoin produced another 144 Blocks. Had the seller accepted #BTC we… https://t.co/2pGYQLtWM1

— John E Deaton (@JohnEDeaton1) December 11, 2023

Deaton shared a personal account, describing an incident where he attempted to withdraw $19,000 in cash from a bank. However, his efforts faced resistance as the bank teller cited the manager’s absence, leading to significant delays.

During this period, Deaton pointed out that Bitcoin generated another 144 blocks. He underscored the potential efficiency and convenience that Bitcoin could offer in such situations.

Crypto Community Blasts Wales

Wales’s post faced criticism from prominent figures in the crypto space. For example, Erik Voorhees, the CEO of leading crypto exchange ShapeShift, took a dig at Wikipedia’s donation model . He suggested that, if the platform had invested in Bitcoin a decade ago, donation pleas might not be necessary today.

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

Self Custody Isn’t for Everyone

Meanwhile, crypto influencer and YouTuber Wendy O defended Bitcoin’s ethos . She claimed banks engage in daily theft while promoting self-accountability and ownership of one’s money—a fundamental principle of Bitcoin.

At the same time, market analyst Lyn Alden shared an anecdote about a Lebanese doctor losing 95% of their net worth due to hyperinflation, cautioning against blind trust in traditional banking systems.

Samson Mow, CEO of Bitcoin tech company JAN3, also remarked that, if Wikipedia had followed his earlier suggestion to invest in Bitcoin, the platform might not need to repeatedly solicit donations.

If @Wikipedia just bought #Bitcoin a few years ago like I suggested, you wouldn’t have to beg for donations every year in perpetuity.

— Samson Mow (@Excellion) December 10, 2023

The clash of perspectives between Wikipedia’s founder and crypto advocates like John Deaton, Billy Markus, and others provides insight into the ongoing discourse surrounding the reliability of traditional banking versus the potential of cryptocurrencies.

As the financial landscape evolves, these conversations contribute to shaping the narrative of autonomy, efficiency, and accountability in the world of finance.

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About the Author

Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.

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