Jackson Palmer, co-creator of Dogecoin, says he will not be returning to cryptocurrency because of the people who hold power in the industry.
Jackson Palmer, the co-creator of the meme-inspired cryptocurrency Dogecoin, made an announcement on Wednesday, 14 July 2021, on why he would not be returning to cryptocurrency. According to Palmer, he is often inundated with questions on whether he will be returning to the cryptocurrency industry, and his answer is always a “wholehearted” no. Palmer argued that these strong feelings can be attributed to the people who hold power in the cryptocurrency space.
Furthermore, he continued to say that cryptocurrency is controlled by a powerful cartel of wealthy figures. He alleged that cryptocurrencies are meant to exist outside of centralised financial systems, but wealthy figures in the industry often involve many of these institutions.
Moreover, Palmer also criticised how cryptocurrency is shared and marketed. He alleged that the cryptocurrency industry utilises a network of shady business connections, by buying influencers and media outlets to perpetuate a cult-like ‘get-rich-quick’ channel that is designed to illicit money from financially desperate and naïve people. He further added that cryptocurrency reportedly disadvantages the average people who join it. Palmer’s former business partner, Billy Markus agreed with his remarks, adding that the community can be elitist.
Palmer and Markus reportedly created Dogecoin as a joke, based on the “Doge” meme which portrays a Shiba Inu dog. According to reports, Palmer and Markus did not intend for Dogecoin to be taken seriously. Despite the supposed lack of effort in the start, the coin did exceptionally well and by market value, it is reportedly one of the top ten cryptocurrencies.
Early in 2021, the cryptocurrency hit an all-time high with approximately 74 cents. However, Markus and Palmer have not profited from the cryptocurrency’s popularity, because they both sold out before Dogecoin’s exponential rise. Lastly, in contrast, supporters of cryptocurrency argue that cryptocurrencies such as Bitcoin are decentralized peer-to-peer financial systems that reportedly safeguard against inflation.