Jimmy Wales, the co-founder of Wikipedia, recently criticized bitcoin (BTC). He criticizes the flagship crypto which, according to him, lacks functional relevance and would cause its users to lose money, unlike a traditional bank account. The crypto community did not hesitate to take it up.
Wikipedia co-founder criticizes the functional relevance of the Bitcoin network
Jimmy Wales, the co-founder of Wikipedia, recently sparked controversy by attacking the Bitcoin ecosystem. Via a tweet on X (formerly Twitter), the manager made fun of the operational relevance of this blockchain.
He notably indicated that he had never lost money by forgetting his banking password. Which, according to him, is not the case for Bitcoin users who often lose money by forgetting the seed of their wallet.
As could be expected, this comment did not fail to provoke a reaction from the crypto community. Jimmy Wales’ remark having been perceived by the latter as being a completely unjustified attack.
Thus, several users from the Bitcoin community have spoken out. Each has their own argument to reestablish the truth about an asset which, contrary to the declarations of the co-founder of Wikipedia, demonstrates proven relevance.
Reactions from the crypto community
Many fervent defenders of the flagship crypto have stepped up to the plate, in reaction to Jimmy Wales’ criticism of BTC. Overall, their opinions emphasized the limited accessibility of traditional financial and banking services.
At least that’s what Alex Gladstein, director of strategy at the Human Rights Foundation, highlighted. He notably recalled that only one billion people out of the eight on the planet have access to banking services.
In support of this opinion, Lyn Alden, founder of Lyn Alden Investment Strategy, evokes, for her part, the vulnerability even of those who have a bank account. She takes as an example the case of a Lebanese doctor who was almost ruined by hyperinflation, causing him to lose 95% of his savings.
Overall, this controversy is interesting. It highlights the debate, still current, between traditional banks and the decentralized nature of cryptos like bitcoin. Their followers defending the accessibility and monetary usefulness of the latter.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
