The Creator of Dogecoin: the stock market risks becoming a “wall street 2.0”
According to the Creator of the digital currency Dogecoin, Jackson Palmer, a parish on the cryptocurrency market institutional investors could hurt this segment of the economy.
On his page on Twitter he said that these investors can create the conditions under which the stock market will actually “wall street 2.0”, that is, is fully controlled by the major players.
Palmer does not understand the experts and other members of the crypto community who look forward to launch a bitcoin ETF. Once dominant position in the stock market is investors with large equity holdings, he will immediately lose its decentralization.
Another threat for the market is the fact that 1% of large investors (whales) controls 55% of all bitcoins. This causes inequality in the distribution of digital assets between players. In one of his recent posts Palmer said:
The institutionalization of cryptocurrencies largely perjorative the structure of the control and distribution of tokens. In the end we can say goodbye to originality of vision technology.
The opinion of Palmer reflects the overall split in cryptosuite relative strengths and weaknesses of the arrival of large players on the market.
Some supporters of digital currencies oppose the centralization of this segment, a sentiment of institutional investors. According to experts, if the position of supporters of the termination of the era of the “Wild West” will become dominant, the market will inevitably enter the stage of civilized development.
Recall, Palmer said earlier that 2017 was the worst in the history of the stock market, despite the explosive growth of interest in digital assets.