In a Twitter post, Jimmy Wales expressed his sarcastic opinion that bitcoin is inefficient compared to traditional banks, and this has sparked interest in the crypto-enthusiast community. Wales jokingly claims that he forgot his bank account password, thus emphasizing that banking systems work while bitcoin does not.
One user recalled a moment in 2014 when Wales bragged about buying 0.1 BTC through Coinbase. This raised questions in the community about the motives behind the Wikipedia co-founder's provocative statement. Some reminded him that banks, while functional, are not for everyone. At the moment, a significant number of people around the world do not have access to banking services.
Alex Gladstein, chief strategist at the Human Rights Foundation, observed that banks can only be useful in countries with strong currencies and the rule of law. However, banking systems can be ineffective for those who criticize the government or express provocative opinions.
Lyn Alden, founder of Lyn Alden Investment Strategy, cautioned that not all funds in banks are safe. Citing the example of a Lebanese doctor who lost his savings to hyperinflation, she emphasized that the banking system does not always provide safe custody of funds.
Eric Voorhees, founder of the crypto exchange ShapeShift.io, responded ironically to Jimmy Wales, pointing to the fact that Wikipedia still has to ask for donations, since the company did not take the advice to buy bitcoins a decade ago.
Some crypto-enthusiasts highlighted the problem with the centralization of the banking system and reiterated that the system is not for everyone. Danny Scott, founder of cryptocurrency exchange Coin Corner, noticed Wales' incompetence, pointing out the comparison of two very different situations and emphasizing that physical cash storage could also be at risk, thus emphasizing that Wales' statement has its limitations.
