Wikipedia Co-founder Criticizes Bitcoin, Crypto Community Claps Back
Jimmy Wales' criticism of Bitcoin sparks strong reactions from the crypto community, highlighting banking accessibility issues and Wikipedia's reliance on donations.
Jimmy Wales, the co-founder of Wikipedia made a drastic statement about Bitcoin which triggered a response from the crypto community, he criticized Bitcoin on social media, comparing it Bitcoin to banks and he claimed that he has never lost his bank passwords like some do with Bitcoin wallets.
The Bitcoin community reacted strongly to Wales' comments, criticizing how Wikipedia relies on donations and defending Bitcoin's value.
Bitcoin supporters countered Wales' views and the crypto community pointed out that banks aren't accessible to everyone globally. They explained that Bitcoin serves as a means for those without bank access.
Bitcoin supporters, like Samson Mow, critiqued Wikipedia's dependence on donations, suggesting Bitcoin investment could have been a solution. Others noted the limitations of the banking system's reach.
Danny Scott, a Bitcoin exchange CEO, argued that Wales' comparison was wrong, explaining that Bitcoin exchanges allow password resets, similar to banks. He compared losing Bitcoin held in self-custody to losing physical cash.
