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The chaos in the tech and crypto worlds are recently created after reports of Elon Musk bidding to purchase social media giant Twitter has spread. While many look at it as a billionaire seizing the public space, others believe it’s a move for free speech.
Jackson Palmer, Co-Founder of Musk’s favorite cryptocurrency, Dogecoin doesn’t seem too impressed with the billionaire’s intention regarding Twitter.
In a tweet, Palmer says to associate any kind of ‘freedom’ with the richest man in the world taking over public space and making a large social media platform private, needs some “impressive mental gymnastics.”
It is no secret that the Tesla CEO has been the biggest cheerleader for the popular meme currency, since 2019. His tweets have fluctuated the price of Dogecoin various times.
On May 8, 2021, Dogecoin hit its all-time high of $0.73. Coincidentally the same day the Tesla CEO hosted “Saturday Night Live.” However, the price of meme currency dropped to $0.43 overnight.
Although it might come as a shock to some that the Dogecoin’s creators are speaking against Musk’s bid to take over Twitter, however, it shouldn’t be that surprising since recently Palmer has been criticizing cryptocurrency and its supporters for quite some time now.
Palmer also shared his perspective on the industry in a Twitter thread published on July 14, 2021:
He calls cryptocurrency “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, ” which he says he has come to realize after years of studying it.
Palmer then notes that “a powerful cartel of wealthy figures” controls the crypto market further profiting those at the top level. Palmer has made clear his intentions saying he is never going back to cryptocurrency.
In 2013, Jackson Palmer and Billy Markus launched Dogecoin as a joke. Using the Shiba Inu “doge” meme, they poked fun at the crypto industry. Cut to today, the meme coin has become the most popular cryptocurrency with a huge following of supporters who call themselves the SHIB army. According to data from coinmarketcap, it is the 15th-leading cryptocurrency and at the time of writing was exchanging hands at $0.000026.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
