Wikipedia co-founder Jimmy Wales stirred up controversy when he took to X (formerly Twitter) on December 11 to mock Bitcoin, proudly stating that he has never lost money due to forgetting his bank password, unlike some Bitcoin users who have lost access to their wallets.
However, his comments did not sit well with the broader Bitcoin and cryptocurrency community, who swiftly responded to his remarks.
In his sarcastic X post, Wales facetiously claimed to have forgotten his bank password and subsequently lost all his cash.
He then proceeded to taunt the Bitcoin community, asserting that this scenario would never happen with banks because they function reliably, unlike Bitcoin.
Wales’ remarks were met with criticism from the Bitcoin community, who reminded him that while traditional banks may indeed be reliable for some, they are not accessible to everyone worldwide.
Alex Gladstein, the Chief Strategy Officer at the Human Rights Foundation, highlighted that banks primarily function effectively in countries with a strong rule of law and stable currencies, and only about one billion people out of the world’s eight billion population have access to banking services.
Lyn Alden, founder of Lyn Alden Investment Strategy, emphasized that even those with bank accounts are not immune to financial hardships.
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She cited the example of a Lebanese doctor who lost 95% of their savings due to hyperinflation, highlighting the vulnerability of traditional financial systems.
Bitcoin proponents, including Samson Mow, seized the opportunity to point out the irony of Wales’ comments, given Wikipedia’s dependence on donations to sustain its operations.
Mow suggested that if Wikipedia had invested in Bitcoin as he had recommended a few years ago, they might not have to rely on continuous fundraising.
Some in the Bitcoin community drew attention to the centralized nature of the banking system, reiterating that it does not cater to the needs of everyone.
Danny Scott, CEO of Bitcoin exchange Coin Corner, argued that Wales was comparing two different scenarios and likened the situation more to a user forgetting their password for a Bitcoin exchange, which can be reset, rather than a true loss of funds.
He emphasized that losing physical cash, just like Bitcoin, results in irreversible loss.
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