Dogecoin DOGE/USD co-creator Jackson Palmer has compared cryptocurrencies to playing at the roulette table and said their bottom has "started to crumble," in yet another critical take on digital coins.
What Happened: In a recent Australian TV talk show, Palmer said the latest cryptocurrency downturn was not yet the end, but a lot of people are realizing the “systemic risks” it presents.
After years of warnings, the Bitcoin bubble might finally have burst, with predictions cryptocurrencies have entered their final death spiral. Dogecoin founder @ummjackson is both a crypto creator and critic, and he explains what is happening.#TheProjectTV pic.twitter.com/wpOKIwddmq
— The Project (@theprojecttv) June 20, 2022
“If you think of [Crypto] as a house of cards, some of the cards at the bottom of that have started to crumble," Palmer said on the show.
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Why It Matters: Palmer attributed the latest cryptocurrency crash to decentralized finance (DeFi) and its high-interest lending.
On industry regulation, Palmer said that “there are some people who see cryptocurrency as becoming just a more convenient way of doing traditional finance.”
He said regulating cryptocurrencies would erode their value proposition since it's pretty easy to do the same with electronic banking.
Calling the crash as a “wakeup call” for average investors, Palmer said cryptocurrencies were not different from playing at a “roulette table.”
In a recent tweet, Palmer took a swipe at Marc Andreessen, the co-founder of Andreessen Horowitz, for his comments on the advantages of Web 3.
Palmer, who created DOGE along with Billy Markus in 2013 as a parody has labeled cryptocurrencies as “parasitic.”
He’s also attacked top cryptocurrency backers such as Tesla Inc TSLA CEO Elon Musk and Dallas Mavericks owner Mark Cuban.
Price Action: At press time, over 24 hours, Dogecoin traded 0.1% lower at $0.06, according to data from Benzinga Pro.
Read Next: Bill Gates Slams Crypto, NFTs: Shams Based On 'Greater Fool Theory'
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