Wikipedia co-founder says Bitcoin doesn’t work, BTC community claps back

Wikipedia co-founder Jimmy Wales took to X (formerly Twitter) on December 11 to attack Bitcoin, boasting that while many users have lost their Bitcoin because they forgot their BTC wallet passwords, he has never lost money due to losing your bank password.

Wales' comments did not resonate well with the broader Bitcoin and cryptocurrency community, who snapped back at the Wikipedia co-founder about his reliance on donations to run daily operations.

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The Bitcoin community criticized the Wikipedia co-founder for attacking BTC without provocation and reminded Wales that while banks can work, they are not for everyone, and there are many people around the world who do not have access to banking services.

Alex Gladstein, strategy director at the Human Rights Foundation group, reminded Wales that banks function decently in countries with rule of law and strong currencies. He added that only about one billion people out of the world's population of 8 billion have access to banking services.

Lyn Alden, founder of Lyn Alden Investment Strategy, said even those with bank accounts are not safe at all times, citing the example of a Lebanese doctor who lost 95% of the value of his savings as a result of hyperinflation.

Bitcoin advocates like Samson Mow went on the offensive and he despised us the co-founder of Wikipedia about the difficult situation of his company, which depends on donations for its survival. Mow said that if Wikipedia simply "bought Bitcoin a few years ago like I suggested, you wouldn't have to ask for donations every year in perpetuity."

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Some others pointed out the centralization expected of the banking system and reiterated that it does not work for everyone.

Danny Scott, CEO of Bitcoin exchange Coin Corner, told Wales that he is comparing two different things. He noted that the scenario is more like a user forgetting their password to a Bitcoin exchange, in which case they could reset it, like a bank. He added, Physically storing cash would be a better example, but you lose it and it's gone, just like Bitcoin.”

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