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Dogecoin Co-Founder Says a Powerful Cartel Controls the Crypto Industry

Published 07/15/2021, 08:00 AM
© Reuters.  Dogecoin Co-Founder Says a Powerful Cartel Controls the Crypto Industry

  • Co-founder of Dogecoin slammed the crypto industry.
  • Jackson Palmer, said a powerful cartel of wealthy figures controls the crypto industry.

The co-founder of Dogecoin, Jackson Palmer, said a powerful cartel of wealthy figures controls the crypto industry.

Jackson Palmer has slammed the crypto industry in a series of Twitter threads on July 14, 2021. According to the co-founder of the popular memecoin, crypto is a scam.

Palmer went on Twitter for the first time in two years and said,

After years of studying it, I believe 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 addition, he said that while the crypto community often points to it as an alternative to banks because of the currency’s decentralized nature, the truth is that the two have the sa...

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