Jimmy Wales, one of the co-founders of Wikipedia, has been very clear in his opposition to bitcoin. He recently posted a critical analysis of cryptocurrency on the social media platform “X,” highlighting the significant differences between cryptocurrency and the well-established stability of the conventional banking system.
In a recent comment, British-American internet entrepreneur bitcoin-doesnt-faces-crypto-communitys” target=”_blank” rel=”noopener nofollow”>questioned the reliability of bitcoin (btc) compared to more conventional assets. Wales provided context by describing a situation in which he claimed to have forgotten his banking password and, consequently, his entire net worth.
Why the founder of Wikipedia doesn't like bitcoin
Wales jokingly said: “No, actually, it didn't happen, since banks work and bitcoin doesn't.”
I forgot my banking password and lost my entire net worth. No, that didn't actually 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 finally entered the world of cryptocurrencies, invested in a pool of btc and shared the stories about it with evident enthusiasm.
As it happens, during this time, Wikipedia began accepting cryptocurrency donations. But things started to change in 2017, which is when his disdain for the leading cryptocurrency first emerged. His statement of opposition to bitcoin has remained consistent from that point on.
Wales' public comment indicates that he is skeptical or disagrees with the principles and procedures of the most popular cryptocurrency, which is in line with his firm belief in bitcoin.
crypto Community Strikes Back
Prominent members of the crypto community have retaliated against his comments. Renowned bitcoin supporter Samson Mow alluded to a missed opportunity when he said:
“You wouldn't have to ask for donations every year for eternity if Wikipedia just bought #bitcoin a few years ago, like I advised you.”
Many well-known figures in the cryptocurrency industry took issue with the comment, with Tether CEO Paolo Ardoino stating that a decentralized Wikipedia will eventually take its place.
BTCUSD trading at $41,770 on the daily chart: TradingView.com
John Deaton, a lawyer who supports XRP, took a personal stance against Wales' story. Deaton told of an experience in which he tried to withdraw $19,000 in cash from a bank. But the bank teller refused to cooperate, claiming that the manager was not there, causing long delays.
Similarly, ShapeShift CEO Eric Voorhees highlighted the potential financial gain Wikipedia could have made from the initial investment in bitcoin.
Wikipedia no longer needs to ask for donations every time users come to the site. No, actually, they still do, because Wikipedia didn't buy any bitcoin ten years ago when we told you.
– Erik Voorhees (@ErikVoorhees) December 11, 2023
By contrast, Billy Markus, the founder of Dogecoin, discussed Wikipedia's request for donations on his 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 about the relative reliability of traditional banking versus the potential of cryptocurrencies.
According to Benzinga Pro, btc price fell more than 3% in the last 24 hours and was trading at $42,251 at the time of writing.
Featured image from Freepik
