“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,” said Palmer.

He also alleged that the entire crypto industry was kind of sham and that it’s being run by  “powerful cartel of wealthy figures” which have “evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.”

“Cryptocurrency is like taking the worst parts of today’s capitalist system (eg. corruption, fraud, inequality) and using software to technically limit the use of interventions (eg. audits, regulation, taxation) which serve as protections or safety nets for the average person,” he added.

Back in 2013, Palmer co-founded DOGECOIN. The cryptocurrency met with little success initially but over the years, what started out as a joke has become the world’s one of the top cryptocurrencies by market size.

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