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Wikipedia Founder Jimmy Wales Slams Bitcoin Over Banks in Bizarre Tweet

Last Updated December 11, 2023 3:04 PM
Teuta Franjkovic
Last Updated December 11, 2023 3:04 PM

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.

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.

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.

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.

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.

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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