Wikipedia Co-Founder Blasts Bitcoin Over Banks; Crypto Community Fires Back

Jimmy Wales, the co-founder of the largest free-content reference website, has received backlash from crypto pundits on the X platform after comparing Bitcoin’s reliability to the traditional banking systems.

Jimmy Wales Lashes Out On Bitcoin

Jimmy Wales of Wikipedia sparked a heated debate on social media recently after drawing comparisons between Bitcoin and banks. In a bizarre tweet, Wales described a situation in which he had forgotten his bank password and consequently his entire net wealth.

“No, actually, it didn’t happen, since banks work and Bitcoin doesn’t,” the American-British veteran internet entrepreneur satirized.

Wikimedia, the non-profit foundation that runs Wikipedia, accepted donations in Bitcoin since 2014. However, the non-profit announced in May 2022 that it would stop accepting crypto donations, mainly due to concerns about BTC’s environmental impact.

Wales’ latest comments show that he is sceptical of the tenets and operational capabilities of Bitcoin.

Community Backlash

The online community, including some cryptocurrency figures, has condemned Jimmy Wales’ anti-Bitcoin remarks.

Renowned attorney John E. Deaton, who gained popularity for representing over 75,000 XRP holders in the U.S. SEC v. Ripple lawsuit, opined that he once tried to withdraw $19,000 in cash from a bank and faced considerable delays due to the unavailability of the manager at that particular time. Deaton notes that by the time he was allowed to withdraw his cash, Bitcoin had added another 144 blocks to its chain — underscoring the potential efficiency and convenience that the apex crypto could have offered in such a circumstance.

ShapeShift CEO Eric Voorhees highlighted Wikipedia’s solicitation of donations on its website. According to Voorhees, Wikipedia would no longer be asking for donations if only the internet encyclopedia bought BTC 10 years ago. 

Further, market strategist Lyn Alden shared a heartbreaking story about a Lebanese doctor who saw 95% of their net worth wiped out by hyperinflation because they held the money in banks.

Jan3 CEO and Bitcoin proponent Samson Mow said he was amused to see “influential” accounts on the X platform randomly slam Bitcoin. In his opinion, this suggests that it’s only a matter of time before Bitcoiners see another big win.