Dogecoin Co-Founder Claims Cryptocurrency Is A Scam Driven By Shady Wealthy People
Is cryptocurrency a capitalistic scam, only benefitting the wealthy? That is what Jackson Palmer, co-founder of Dogecoin, seems to think after reemerging on Twitter to explain his take on the current state of crypto.
On July 14th, Palmer addressed the frequent question of whether he will return to cryptocurrency after leaving Dogecoin behind. While his simple answer is “no,” there is much more behind this than meets the eye. First of all, Palmer believes that cryptocurrency is “an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.” In short, Palmer believes the wealthy are allegedly only using cryptocurrency, like Bitcoin, akin to an international shell company for a tax haven.