His comments quickly sparked responses from key figures within the crypto community, highlighting divergent perspectives on financial systems.
Jimmy Wales, the creator of Wikipedia, has recently generated lively debate within the Bitcoin community over some of his statements comparing traditional banks to Bitcoin.
As anticipated, Wikipedia founder Jimmy Wales recently shared his views on Bitcoin via a recent tweet, stating that “I forgot my bank password and lost my entire net worth. No, actually, that didn’t happen, because banks work and bitcoin doesn’t.” This statement quickly gained popularity, attracting the attention of influential figures within the Bitcoin community.
Responses to Wales’ statements have varied. Samson Short, CEO of JAN3, highlighted the missed opportunity for Wikipedia to benefit from Bitcoin instead of constantly relying on donations.
Eric Voorhees, CEO of ShapeShift, supported Mow’s position and highlighted how an investment in Bitcoin could eliminate the need for ongoing donations on the platform.
Dan Held, Kraken’s former Director of Growth Marketing, expressed his point of view succinctly and clearly.
Unexpectedly, a user named X Walker revealed that Wales may still own some Bitcoin, referencing his 2014 tweet. Walker is the host of “THE Bitcoin Podcast.”
Bruce Fenton instead responded to Jimmy Wales’ statements by suggesting the return of all Bitcoin donations previously received, considering that Wikipedia had accepted Bitcoin donations from 2014 to 2022.
Finally, BTC Sessions shared a graph illustrating the depreciation of the value of the USD over time, underscoring that protecting your net worth goes beyond the simple reliability of a password.
Reflections on Finance, Inflation and Bank Exclusions
Yves Bennaïm’s response encouraged reflection on broader financial issues, including bank foreclosures, inflation, and systemic constraints.
Investor and educator Linda Alden highlighted the harmful effect of inflation on savings, telling a harrowing anecdote about a Lebanese doctor who lost 95% of his net worth due to hyperinflation in the traditional banking system.
The debate has expanded to involve the unbanked population, with Brandon Quittem highlighting that more than one billion people around the world do not have access to traditional banking systems, highlighting the limitations many people face due to financial exclusions.
Contributors such as Alex Gladstein have highlighted the limits of traditional banks, highlighting their reliability linked to the presence of the rule of law and a strong currency in the country of residence. They also raised concerns about access and functionality for the majority of the world’s population.
Finally, Bit Paine raised an important point, suggesting that access to wealth without requiring a password is not an advantage, but rather a flaw, indicating a potential vulnerability in the system.
Brief Focus on Bitcoin Price
Recently, the value of Bitcoin fell below $41,000, while Ethereum reached $2,200, marking a sharp collapse in crypto markets, after a recovery period that lasted much of the last two months.
Bitcoin is currently trading at around $40,758, recording a 7% drop over the past day. This drop came after the market already witnessed the liquidation of $330 million worth of cryptocurrency futures contracts on Monday morning, when BTC hit below $43,000.
According to CoinGlass, total deals reached $516 million. Despite the one-day drop, current values are still 5% higher than at the beginning of the month, when BTC was trading at $38,688. The global cryptocurrency market capitalization, which has hovered around $1 trillion for much of the year, now stands at $1.6 trillion, down 6% from the previous day.
By Audy Castaneda
