The co-creator of dogecoin explains why he doesn’t plan to return to crypto: It’s ‘controlled by a powerful cartel of wealthy figures’

Jackson Palmer, the co-creator of the meme-inspired cryptocurrency dogecoin, made a rare return to Twitter on Wednesday with some harsh words about crypto in general, CNBC reports.

„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,” Palmer says.

In his Twitter thread, Palmer criticized those in power in the cryptocurrency space, saying that it is “controlled by a powerful cartel of wealthy figures” who “have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.”

Palmer admits this type of “financial exploitation” existed before cryptocurrency, but says he still believes that the crypto industry hurts the “average” people who join it. He also believes it is susceptible to fraud, similar to other cryptocurrency critics.

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In 2013, Palmer and Billy Markus created dogecoin as a joke based on the “Doge” meme, which portrays a shiba inu dog. Markus and Palmer didn’t intend for dogecoin to be taken seriously.

But the coin has recently taken off, and dogecoin is currently one of the top 10 cryptocurrencies by market value. Earlier this year, it hit an all-time high of nearly 74 cents. Despite its recent surge in popularity, Markus and Palmer haven’t profited, as they both sold out before dogecoin’s meteoric rise.