Wikipedia co-founder Jimmy Wales trashes cryptocurrency, calls it a “Bubble”

Earlier today, Wikipedia Co-founder Jimmy Wales attended BlockShow Europe 2018 conference. This event is held to build a bridge between Europe and the Global markets.

The second day of the BlockShow Europe 2018 meeting commenced with a keynote discourse by Wikipedia fellow benefactor Jimmy Wales. Wales told that digital money and blockchain are in an air pocket, which he called a “Bubble”.

Jimmy Wales is an American Internet entrepreneur and is mostly known by his online name “Jimbo”. He is the founder of Wikipedia, the free online encyclopedia, and the owner of web-hosting company Wikia.

Jimmy Wales stated:

“…Right now, we are in a bubble, the cryptoworld is absolutely, definitely in a bubble. I don’t think there’s many people who would deny that.”

The  Wikipedia founder added:

“I’m not here to tell you that it’ll pop tomorrow; things might get even more intense first.”

Wales at BlockShow says:

“ We have to move away from old models, we have to understand that open distributive models are stronger and that is a statement that will resonate quite well in this room”

He described how he thinks “bidding” is antithetical. People believe in some sort of bidding payment mechanisms, which according to him, will not get them to the truth. Wales also thinks that cryptocurrency is a space where there’s a serious need for journalism.

Along with the sour opinions on cryptocurrency, Wales also spoke about his rollercoaster ride in business and his journey of failure to success.

In his previous interview with CNBC, Wikipedia Founder Jimmy Wales called initial coin offerings [ICOs] an “absolute scam”. The co-founder neglects the growth of the cryptocurrency market and believes that it is a scam. 

Jimbo does not really support cryptocurrency, even though Wikipedia does.

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