Jackson Palmer, the co-creator of Dogecoin, has criticized the cryptocurrency sector, calling it ‘inherently right-wing’, ‘hyper-capitalistic’ technology.

He slammed Bitcoin in a series of tweets. The Dogecoin co-founder wrote, “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”.

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.

— Jackson Palmer (@ummjackson) July 14, 2021

He says that the Bitcoin industry profits from a network of unethical business relationships “new money from the financially desperate and naive”.

The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like “get rich quick” funnel designed to extract new money from the financially desperate and naive.

— Jackson Palmer (@ummjackson) July 14, 2021

Palmer responded by saying that the cryptocurrency sector is dominated by a powerful cartel of wealthy individuals who, over time, have evolved to include many of the same institutions as the centralized banking system they were supposed to supplant.

Despite claims of “decentralization”, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.

— Jackson Palmer (@ummjackson) July 14, 2021

“Cryptocurrency is like taking the worst parts of today’s capitalist system (eg. corruption, fraud, inequality) and using software to technically limit the use of interventions (eg. audits, regulation, taxation) which serve as protections or safety nets for the average person,” the co-creator of Dogecoin stated.

Cryptocurrency is like taking the worst parts of today's capitalist system (eg. corruption, fraud, inequality) and using software to technically limit the use of interventions (eg. audits, regulation, taxation) which serve as protections or safety nets for the average person.

— Jackson Palmer (@ummjackson) July 14, 2021

Palmer, the co-founder of Dogecoin, also stated that he would never return to the cryptocurrency market. Palmer said, “I am often asked if I will “return to cryptocurrency” or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted ‘no'”.

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