- Wiki founder Jimmy Wales compares Bitcoin custody to a bank account.
- John E. Deaton, Billy Markus respond to Wikipedia founder’s analogy.
- BTC, XRP slid by 5% amid a market-wide price cooldown.
Jimmy Wales, the founder of Wikipedia, the most popular free encyclopedia, looked at Bitcoin by comparing the digital asset to traditional banking systems. The sarcastic message by the British-American entrepreneur reads: “I forgot my bank password and lost my entire net worth. No, actually, that didn’t happen, because banks work and bitcoin doesn’t.”
Drawing a parallel with legacy banks, the entrepreneur insists that having a cryptocurrency cold storage wallet is not as safe. Naturally, the ironic remark hasn’t been left unnoticed by prominent cryptocurrency figures on Twitter. Pro-crypto lawyer John E. Deaton recounted a situation where the bank was reluctant to process a large withdrawal, even making up lies to prevent the attorney from cashing out.
Wiki Founder Roasted for Constant Financial Solicitation
Soon after the message on X, other prominent players in the crypto industry emerged to offer their take on Jimmy Wales’ opinion. One among those is Dogecoin’s co-creator Billy Markus, a.k.a. Shibetoshi Nakamoto, who was quick to remind Wikipedia’s founder about the constant financial solicitation.
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Moreover, the popular crypto YouTuber Wendy O asserts that traditional banks engage in “daily theft” despite claiming to stand for self-accountability. As if that wasn’t enough, ShapeShift project founder Erik Voorhees called out Wikipedia’s founder for constantly asking for donations.
Referring to Wikipedia’s requests for donations at the top of the page, several crypto figures insisted that such an aggressive fundraising strategy would not be needed if Wikipedia’s founder had invested in Bitcoin (BTC) when they found out about it over a decade ago.
On The Flipside
- While portrayed as a crypto skeptic by many, Jimmy Wales is known to have a Coinbase account.
- However, the British-American entrepreneur’s Bitcoin stash is undisclosed, while the Wikipedia Foundation officially distanced itself from cryptocurrencies.
- Wikipedia stopped accepting crypto donations in Bitcoin & Ethereum on May 2, 2022, citing negative environmental impact due to gas usage.
Why This Matters
Wikipedia is the largest online encyclopedia, serving over 46 million users worldwide.
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