Jackson Palmer, co-founder of dogecoin slams crypto and insisted that he shall maintain a distance from the hysteria, calling it ‘an inherently right-wing, hyper-capitalistic technology’ designed to increase the riches of its supporters. He yelled against the crypto world and the ‘wealthy’ associated with it. On Wednesday, he posted on his Twitter page that the crypto industry was managed by the wealthy as the virtual asset led to ‘diminished’ regulatory oversight and ‘tax avoidance’, making the rich richer.

Continuing further, he said that the lack of regulations, audits and taxation in the tech which serves as a “safety net” for the common person is responsible for making crypto dangerous. He added that the crypto industry supports a network of bought influencers, shady business connections and pay-for-play media outlets to preserve a cult-like ‘get rich instantly’ funnel created to extract new money from the financially naïve and desperate.

Appeared as a joke in 2013, Dogecoin was created by Billy Markus and Jackson Palmer. It was done so to mock the growth of altcoins by creating the doge internet meme into crypto. While incepted as a joke, it actually resulted in some practicality as its low price and large supply facilitated efficient micro-tipping content on social media.

Palmer further concluded by mentioning he no longer engages in discussions around crypto as it didn’t ‘align’ with his belief system or politics.