Unsurprisingly, crypto investors responded to Wales’ tweet.
Alex Gladstein, director of strategic development at the Human Rights Foundation, argued that traditional banks only function effectively in countries with a reliable legal system and a strong currency. This means that out of the world’s population of 8 billion people, only approximately one billion individuals who have access to banking services can truly rely on banks. Moreover, Gladstein emphasized that banks can refuse services to customers who criticize the government or express controversial opinions.
Banks work decently so long as you live in a country with rule of law and a strong currency. So maybe ok for ~1 billion people out of 8 billion people. And they tend to not work very well if you criticize the government or voice provocative opinions
— Alex Gladstein (@gladstein) December 10, 2023
Lyn Alden, founder of Lyn Alden Investment Strategy, added that even individuals with bank accounts are not always protected from loss. She shared the story of a Lebanese doctor who lost 95% of their wealth due to hyperinflation because they had kept their money in banks.
One of the most heartbreaking emails I received was from a Lebanese doctor who lost 95% of their net worth due to hyperinflation because they held it in banks/currency.
They were too busy being a doctor rather than a hands-on investor on the side as well, assuming the money is safe.
— Lyn Alden (@LynAldenContact) December 10, 2023
JAN3 CEO Samson Mow took a more aggressive approach and reminded Jimmy Wales about Wikipedia’s financial situation, which heavily relies on Bitcoin donations. Mow suggested that if Wikipedia had invested in Bitcoin a few years ago, the platform wouldn’t have to ask for donations every year.
If @Wikipedia just bought #Bitcoin a few years ago like I suggested, you wouldn’t have to beg for donations every year in perpetuity.
— Samson Mow (@Excellion) December 10, 2023
It is worth mentioning that Jimmy Wales was previously known for his skepticism towards cryptocurrencies. A few years ago, he stated that cryptocurrencies would not bring any significant benefits to Wikipedia and might even undermine its core concept.