Dogecoin co-founder Jackson Palmer sees the cryptocurrency space as an ecosystem in which rich people get even richer through tax evasion or fraud. In his opinion, the current market decline won’t last long, which he regrets as the end of cryptocurrency is remote.
In 2013, software engineer Jackson Palmer co-created one of the most popular meme coins, Dogecoin. Years later, the market value of the asset soared to billions.
Commenting on the recent correction of the crypto market, Palmer said that the current collapse cannot be classified as “cryptozyme” because investors continue to funnel money into the industry.
They are waiting for a new batch of fools to come along. It’s cyclical. You wait a while for the collective memory of the world to forget what a fraud this is.
Another problem Palmer pointed out is that celebrities often promote digital asset projects just because they get paid to do so, thereby misleading inexperienced investors.
The software engineer said that one of the few good things about this sector is the rise of skeptics, since people often lose their money. Before, most were winning at the expense of the bull market, now some have started to treat cryptocurrencies as a financial pyramid scheme.
I want to believe that this is not how Palmer characterizes all cryptocurrencies, because bitcoin is decentralized (it is not printed and not controlled by central banks), easily accessible and transparent. In times of economic crisis, it serves as a good insurance against galloping inflation. Unlike buying precious metals or real estate investors can buy BTCs in small amounts, and the amount of investment starts from $100.
And yes, well-known people repeatedly emphasized the advantages of the main cryptocurrency during the last few years. For example, one of the founders of Apple, Steve Wozniak, considers BTC as a mathematical phenomenon, while an experienced investor Bill Miller believes that its unique nature resembles a Ferrari luxury sports car.
Even the world’s richest man, Ilon Musk, has argued that bitcoin and altcoins are not perfect, but fundamentally better than any other currency or financial product.