There are few websites as popular as Wikipedia. According to Similarweb, it is currently the seventh most visited website worldwide. Based on the number of wallet addresses, Bitcoin (BTC) is currently the most popular cryptocurrency. But Wikipedia co-founder Jimmy Wales sees nothing on the network.
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Wikipedia creator is not a fan of Bitcoin
On the social media platform He didn’t mean it – it didn’t happen, and in his opinion it can’t happen. “Because banks work and Bitcoin doesn’t,” the entrepreneur concludes.
The commentary is short but powerful. It attacks the principle of Bitcoin, so to speak, because without your wallet login details, your Bitcoins are useless. This does not apply if you lose your access data to your bank account. In most cases, you can work with the bank to ensure you regain access to your account.
I forgot my bank password and lost all my assets. No, that didn’t actually happen because banks work and Bitcoin doesn’t.
– Jimmy Wales (@jimmy_wales) December 10, 2023
Ironically, many American (former) tech company executives are strong supporters of Bitcoin. For example, Apple co-founder Steve Wozniak was very positive about cryptocurrency last year, and the same goes for Meta CEO Mark Zuckerberg.
The comment “Bitcoin fails” could provoke criticism
Nevertheless, Wales could expect strong criticism from the community. “Tell that to the 1 billion people with a bank account,” counters Bitcoiner Brandom Quittem. Human rights activist Alex Gladstein of the Human Rights Foundation warns that banks only work in countries with a good legal system and a strong currency. That would only apply to 1 billion people, so the other 7 billion people would be out of luck, said Gladstein.
Market analyst Lyn Alden says she spoke to a Lebanese doctor who lost 95% of his wealth due to hyperinflation because the money was in the banking system and the local currency. Like Wales, they simply assumed the money was safe there. Bitcoin has quickly become very popular in Lebanon as the national currency struggles with hyperinflation.
One of the most heartbreaking emails I received was from a Lebanese doctor who had lost 95% of his net worth due to hyperinflation because he held it in banks/currency.
They were too busy working as a doctor rather than being a practical investor on the side, assuming the money was safe.
— Lyn Alden (@LynAldenContact) December 10, 2023
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