Dogecoin Co-founder Says That “Crypto Only Has Value Because People Think It Does”

Dogecoin co-founder Jackson Palmer said in a recent interview with The Project that cryptocurrencies are facilitators of scams. Jackson Palmer created Dogecoin as a joke and left the project before DOGE gained popularity. Does he regret it? It doesn’t seem so.

“The only reason that it has value is because people think it does.”

Palmer emphasized that he didn’t save any of the crypto since he assumed it was a hoax. After becoming dissatisfied with the cryptocurrency community, he left the project shortly after its inception.

Since then, the software developer has confessed that he’s glad he didn’t become wealthy with Dogecoin.

“Because it is this thing that exists outside of the control of the government, because it is this irreversible transaction, it really has provided a means for scammers to come in and do all this stuff without that pesky.”

Dogecoin co-founder believes that crypto doesn’t provide anything to society

Palmer says that users can’t really pay their rent with it and can’t buy groceries and other necessary things. He compared crypto to an online casino, where the currencies are nothing but digital chips. He highlighted that when a person buys cryptocurrency, they are actually purchasing a receipt.

“Other people in the world will honor that receipt. I think it’s a little bit of a house of cards personally.”

He cited the fact that cryptocurrencies are not regulated, people use them for various illicit purposes. He also talked about various commercials where celebrities promote cryptocurrency and crypto apps, asking users to stay cautious as they are strictly for business purposes.

In response to a question as to how people make quite a lot of money in crypto, Palmer stated that:

“There is nothing there to stop people from being lucky. Some people happen to be at the right place at the right time.”

At the time of writing, Dogecoin is trading at $0.06653, a 6% down in the last 24 hours.