Dogecoin’s co-creator Jackson Palmer returned to Twitter after almost two years to warn investors about digital coins. He argued that the rich ruins everything, and cryptocurrency is no exemption.
Firstly, Jackson Palmer is not into social media that much. The engineer decided to go anonymous after blowing up his YouTube account and privatizing his Twitter in 2019. No one knew his whereabouts even when the meme coin enjoyed its record highs this year. His blackout ended on Wednesday as Palmer showcased himself on Twitter with a word for crypto enthusiasts. According to his tweets, you would conclude that crypto is always a scam.
On his Wednesday’s tweets, the software experts declared evaluating cryptocurrencies for years. With that, he trusts that digital coins are hyper-capitalistic and essentially right-wing designed to magnify what the wealthy get through combining tax avoidance, artificially forced scarcity, and reduced regulatory oversight.
Jackson proceeded by saying that although crypto enthusiasts refer to virtual currencies as equal to financial institutions such as banks due to the decentralized nature, the two have similar issues – the rich individuals. He stated that powerful and wealthy cartels control a large portion of the cryptocurrency world. These wealthy figures turn the decentralized finance into a scheme that benefits the top. That is something that centralized protocols claim to substitute.
Generally, the crypto market has had unpredictable sessions so far this year. Bitcoin, the world’s favorite coin, had its value climbing to the record highs of $64,000 in April. However, the asset crashed a month later, hovering around $30K at the moment. Also, Dogecoin saw massive gains at the same time. The meme asset hiked to more than $0.68 from $0.06 per coin. However, the altcoin saw drastic drops afterward. For now, the overall crypto market remains unpredictable, with possibilities to fluctuate in any direction.
Palmer’s thread is worth reading, even if you do not accept his views. Keep in mind that everyone in the crypto market is free to share his thoughts. Remember, the Dogecoin co-founder emphasized one thing. He declared that even the slight changes in the cryptocurrency space have reputable individuals controlling the market. Meanwhile, some market analyst concludes that Jackson Palmer feels jealous since he failed to invest at the right time. What are your thoughts? Comment your reaction below.