- American-British internet entrepreneur Jimmy Wales recently made a statement questioning the reliability of Bitcoin (BTC) compared to traditional assets.
- Wales’s outspoken criticisms were sharply rebuked by XRP supporter and attorney John E. Deaton and Dogecoin founder Billy Markus.
- In response, Ardoino asserted a more resolute stance, emphasizing that Wales’s company Wikipedia would soon be replaced by a decentralized alternative.
Jimmy Wales, co-founder of Wikipedia, faced intense reaction for his views on Bitcoin: Here are the details!
Wales Receives Backlash for Bitcoin Critique
Jimmy Wales, co-founder of Wikipedia, faced a series of critiques from users of the X app over his recent comments questioning the reliability of Bitcoin (BTC) compared to traditional assets. The American-British internet entrepreneur recently painted a scenario where he claimed to have lost his bank password, resulting in the loss of his entire net worth. Wales stated, “No, actually, it didn’t happen because banks work and Bitcoin doesn’t.”
Notably, the founder of Wikipedia has not always felt this way about Bitcoin, as there was a period when he “tested the waters” by investing a certain amount into a BTC pool. This was also the time when Wikipedia started accepting Bitcoin donations. However, his “hatred” towards Bitcoin began to shape in 2017, and since then, he has been consistently expressing this anti-Bitcoin sentiment.
Wales’s vocal criticisms were vehemently rebuked by XRP supporter and attorney John E. Deaton and Dogecoin founder Billy Markus. Deaton, widely known for his defense in the Ripple vs. SEC case, began sharing a similar personal experience, claiming to have attempted to withdraw $19,000 in cash from a traditional bank at one point. According to Deaton’s account, the transaction was significantly delayed, and the bank manager was unreachable at the time.
Meanwhile, Bitcoin added 144 more blocks to its chain, typically running smoothly without hindrance. The pro-XRP attorney evaluated the banking situation, stating that Bitcoin would be more effective and suitable in such an event.
Other Reactions from the Crypto Community
Markus discussed a donation-raising application on the Wikipedia platform, echoing a sentiment shared by Erik Voorhees, the founder and former CEO of Coinapult.
Responding directly to claims that Bitcoin doesn’t work, Markus said, “Wikipedia doesn’t still make you because they didn’t tell you about it ten years ago,” emphasizing that users are still encouraged to donate when visiting the site.
In his response, Tether CEO Paolo Ardoino indicated a more steadfast stance, highlighting that Wales’s company Wikipedia would soon be replaced by a decentralized alternative.
