Wikipedia Founder Jimmy Wales Says 'Banks Work And Bitcoin Doesn't,' Faces Crypto Community's Wrath

Wikipedia co-founder Jimmy Wales on Sunday took a jab at Bitcoin BTC/USD by drawing a comparison with traditional banks. 

What Happened: He said on X, “I forgot my bank password and lost my entire net worth. No, actually, that didn’t happen, because banks work and bitcoin doesn’t.”

In response to Wales’ criticism, notable figures within the Bitcoin community have fired back. Samson Mow, a known Bitcoin advocate, referenced a missed opportunity by saying, “If Wikipedia just bought #Bitcoin a few years ago like I suggested, you wouldn't have to beg for donations every year in perpetuity.”

Likewise, Eric Voorhees, CEO of ShapeShift, pointed out the potential financial benefit Wikipedia missed by not investing in Bitcoin earlier. “Wikipedia no longer needs to beg for donations whenever users arrive at the site. No, actually, they still do, because Wikipedia didn’t buy any Bitcoin ten years ago when we told you about it.”

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Data from The Block indicated a surge in online traffic to Bitcoin’s Wikipedia page in October. Bitcoin’s page views peaked at nearly 13,500 visits on October 24, the highest since the June 2022 price slump.

“The recent rally and the potential for a spot ETF has people more interested in the asset,” explained Rebecca Stevens of The Block Research. “The newfound interest can be shown in more casual ways like more people visiting Bitcoin's Wikipedia page.”

Why It Matters:  It should be noted that the Wikimedia Foundation, which operates Wikipedia, stopped accepting cryptocurrency donations in 2022. Molly White, a Wikipedia editor and software engineer, announced the decision on Twitter, citing a “community request that the WMF no longer accept crypto donations," following a comprehensive three-month discussion.

Price Action: At the time of writing, BTC  was trading at $42,250.90, down 3.52% in the last 24 hours, according to Benzinga Pro. 

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