The co-creator of popular meme-crypto dogecoin has returned to social media with a scathing critique of cryptocurrencies.

Posting via Twitter for the first time since 2019, software engineer Jackson Palmer referred to crypto as “an inherently right-wing, hyper-capitalistic technology”, noting that after years of study, he’s come to the conclusion that crypto was built primarily to “amplify the wealth” of its proponents through a combination of “tax avoidance, diminished regulatory oversight and artificially enforced scarcity”.

Mr Palmer co-created dogecoin with fellow software engineer Billy Markus in 2013.

While it was originally conceived as a joke, the price of a single dogecoin now sits at $0.197. According to CoinMarketCap, that works out to a market cap of approximately $25 billion.

Contrary to its typical framing as decentralised, Mr Palmer claimed the crypto industry is controlled by “a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralised financial system they supposedly set out to replace”.

According to him, the crypto industry “leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like ‘get rich quick’ funnel designed to extract new money from the financially desperate and naive”.

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

“Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost purpose-built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable,” he said.

Mr Palmer said that good faith debate in space is “near impossible”.

“These days, even the most modest critique of cryptocurrency will draw smears from the powerful figures in control of the industry and the ire of retail investors who they’ve sold the false promise of one day being a fellow billionaire.”

“I applaud those with the energy to continue asking the hard questions and applying the lens of rigorous skepticism all technology should be subject to. New technology can make the world a better place, but not when decoupled from its inherent politics or societal consequences.”

About the author

Fergus is a journalist for Momentum Media's nestegg and Smart Property Investment. He likes to write about money, markets, how innovation is changing the financial landscape and how younger consumers can achieve their goals in unpredictable times. 

About the author

Fergus is a journalist for Momentum Media's nestegg and Smart Property Investment. He likes to write about money, markets, how innovation is changing the financial landscape and how younger consumers can achieve their goals in unpredictable times. 

Fergus is a journalist for Momentum Media's nestegg and Smart Property Investment. He likes to write about money, markets, how innovation is changing the financial landscape and how younger consumers can achieve their goals in unpredictable times. 

more on this topic

Cryptocurrency

Kaiko acquires Cometh to bolster crypto-asset services under new EU regulations

In a significant move to enhance its position in the rapidly evolving crypto-asset market, Kaiko, the world’s leading independent provider of market data and on-chain infrastructure for crypto-assets, ...Read more

Cryptocurrency

Coinhouse secures PSCA accreditation, enhancing its European operations

Coinhouse, a leading crypto-asset service provider in France, has successfully obtained its Crypto-Asset Service Provider (PSCA) accreditation from the French Financial Markets Authority (AMF), ...Read more

Cryptocurrency

OKX launches USDSⓈ-M options on Bitcoin and Ether, broadening derivatives access in UAE and Australia

OKX, a prominent global fintech company and crypto trading platform, has launched USDSⓈ-M Options on Bitcoin and Ether, providing traders in the UAE and Australia with new opportunities to engage in ...Read more

Cryptocurrency

Fuutura unveils groundbreaking non-custodial trading protocol

In a significant move poised to reshape the landscape of cryptocurrency trading, Fuutura has unveiled its cutting-edge non-custodial trading protocol. This innovation, which integrates a multi-asset ...Read more

Cryptocurrency

The One Atelier unveils next-gen platform for tokenisation in branded real estate

In a bold move to revolutionise the branded real estate market, The One Atelier has announced the launch of The One Capital, a pioneering blockchain platform aimed at transforming early-stage ...Read more

Cryptocurrency

Binance enhances user experience by introducing new fiat payment channels for Australians

In a significant move to streamline cryptocurrency transactions for Australian users, Binance Australia has announced the launch of direct fiat deposits and withdrawals via PayID and bank transfersRead more

Cryptocurrency

Institutional adoption and clearer regulation drive deeper integration of digital assets into mainstream finance in 2026

In a recent outlook, Binance Australia has highlighted the steady maturation of the digital asset industry, forecasting deeper integration into mainstream financial markets by 2026. The company ...Read more

Cryptocurrency

Australian investors embrace crypto as a core growth strategy

In a significant shift within the investment landscape, cryptocurrency has emerged as a key component of portfolio diversification and long-term wealth creation for Australian investorsRead more