The co-founders of Wikipedia expressed the opinion that banks are functioning, while Bitcoin is not working

Jimmy Wales, co-founder of Wikipedia, boasted on Platform X (formerly known as Twitter) that he had never experienced financial loss due to the loss of his banking password. Unlike many users who, having forgotten passwords to their Bitcoin wallets, lost access to their funds.

To ridicule the Bitcoin community, Wales sarcastically stated that he forgot his bank account password and lost all his cash, but then added:

In fact, this did not happen because banks work, but Bitcoin does not.

The cryptocurrency community has criticized the Wikipedia co-founder for his unprovoked attack on Bitcoin and reminded Wales that while banks may work, they are not for everyone and many people in the world do not have access to banking services.

Alex Gladstein, director of strategy at the Human Rights Foundation, told Wales that banks only work well in countries with the rule of law and strong currencies. However, only about a billion people out of a world population of eight billion have access to banking services.

Lyn Alden, founder of Lyn Alden Investment Strategy, noted that even those with bank accounts are not always safe, citing the example of a Lebanese doctor who lost 95% of his savings due to hyperinflation.

Some Bitcoin advocates, notably Samson Mow, went on the offensive and reminded the Wikipedia co-founder of the plight of his firm, which relies entirely on donations to survive. Moe said that if Wikipedia had simply "buyed Bitcoin years ago like I suggested, then you wouldn't have to ask for donations every year."

Danny Scott, CEO of the cryptocurrency exchange Coin Corner, expressed the opinion that Wales was comparing two different things. He noted that the scenario is more like if a user forgot his password on an exchange and then reset it. Scott added: “A good example would be self-custody of physical cash: if you lose it, it disappears, just like Bitcoin.”

Jimmy Wales

Jimmy Wales is an American and British Internet entrepreneur, ideologist and founder of Wikipedia, chairman of the Wikimedia Foundation. He is also a director of Fandom (formerly Wikia) and an advisor on public policy and openness to the UK government.

Wales was born on August 7, 1966 in Huntsville, Alabama, USA. He received bachelor's and master's degrees in finance from Auburn University and the University of Alabama, respectively. After graduation, he worked in finance, but was unable to complete his doctorate due to being fired from Chicago Options Associates.

In 1996, Wales and two partners founded Bomis, a web portal primarily known for its adult content. Bomis provided seed funding for the free encyclopedia Nupedia (2000-2003). On January 15, 2001, Wales, Larry Sanger, and others launched Wikipedia, a free, open-content encyclopedia that quickly gained popularity and growth. Wales became her PR man and spokesman.