The Creator of Dogecoin Jackson Palmer (Jackson Palmer) expressed concern regarding the arrival of institutional investors in the cryptocurrency industry. In his opinion, such a development can transform a decentralized ecosystem in “wall Street 2.0”.
“I don’t understand people who have a positive attitude to the approval of the ETF, the launch Bakkt and other tools. Goodbye decentralized P2P cash. Hello wall Street 2.0,” writes Palmer in his Twitter.
Palmer also noted that 1% of the wallets speak more than 55% of all bitcoins in connection with the arrival of institutional investors has a negative impact on decentralization.
“The arrival of institutional money will adversely affect decentralization and the distribution of coins. In this regard, you can say goodbye to a greater part of the original vision technology.”
Wall Street and cryptocurrencies
Banks, governments and traditional financial institutions long criticized the blockchain and cryptocurrency, but they changed their minds and began to take seriously the industry. CEO Bank of America Brian Moynihan (Brian Moynihan) in an interview with Yahoo Finance on the world economic forum in Davos and claimed that they have blockchain more patents that anyone else in the world.
Palmer’s comments underscore a growing gap in the cryptocurrency community trust in traditional financial institutions. Many early users of cryptocurrencies see in digital assets alternative banking products, a competitor, and even a possible successor to wall Street. In fact, most early users came in the cryptocurrency ecosystem just because of problems in banking institutions and distrust of him.
But despite this, many investors feel more comfortable if they operate on regulated exchanges under the flags of prominent institutional platforms that comply with all the rules and do not violate the law.