Dogecoin Creator Jackson Palmer’s Curse Against Jack Dorsey’s and LatAm Leaders’ Blessings

Crypto market traders and analysts are keenly discussing the recent riff delivered by usually silent Jackson Palmer, who created Dogecoin (DOGE) in partnership with Billy Markus in 2013. Despite creating the popular meme-based cryptocurrency, that now has acquired several million in market cap and ubiquitous followers, Jackson reportedly made “zero profit” from his involvement in the project.

It is interesting and very illustrative how people manage to change their skins depending on the weather outside. When cryptos were on the rise this Spring, it was hard to find convincing arguments to diversify their portfolios away from overweight Bitcoin, Ether, Solana, Cardano, Litecoin or Doge. Now, as this sector’s performance became lackluster, what we see is exactly the opposite. Elon Musk is suddenly silent in his Twitter posts, while crypto critics like Nassim Taleb or Nouriel Roubini (we don’t blame them for their roles, however, why weren’t they more proactive earlier in this year, when everything was so much different?) collect maximum reposts and top search results on Google News and elsewhere?

The Dogecoin co-founder went on to add that despite claims of “decentralization,” the cryptocurrency industry is ostensibly controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace. “The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like “get rich quick” funnel designed to extract new money from the financially desperate and naïve.” Palmer took issue with the fact that users are alone accountable for falling victim to a scam or losing their savings account password, but “billionaires manipulating markets” are labeled geniuses.

Wait a minute! Let’s not confuse the cause and effect for not being naïve! Blockchain technology is a guaranteed foolproof against any kind of cartelization of this industry! It was designed exactly to prevent the things Palmer is referring to. “Shady business connections'' is something exclusively attributable to the short history of this market and lack of the established self-regulatory principles. But the Secutities and Exchanges Acts of 1930 and 1933 appeared only as a result of everyone’s strive to make that place more orderly and disciplined in order for it to perform better and more predictable. This is exactly what we are expecting from the crypto mining and trading industry, aren’t we? It will surely come. But in the meantime we are not dying without it.

Markets haven’t been particularly rational in recent years, and this fact takes its roots from the increasingly big involvement of central banks into the wisdom of free price formation based on the offer and demand principle. Take, for instance, gold. The price of gold hasn’t been moving anywhere for good three calendar quarters after topping $2000/oz last summer. However, no-one dares to claim that gold is a sham!

Meanwhile, Square (SQ) frontman Jack Dorsey said he is establishing a new business that pulls together Seller, Cash App & Tidal to focus on "building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is Bitcoin (BTC-USD)," he added.

On top of that, as we anticipated, the number of countries embracing crypto, in general, and Bitcoin, in particular, has been steadily growing after El Salvador's Congress approved a law that made the Central American republic the first to accept Bitcoin as legal tender, giving it equal status to the US dollar in El Salvador. The hassle owes much to the ubiquitous sense of fiat currencies losing their buying power, which is what exactly is happening. Argentine MP Jose Luis Ramon recently introduced a bill that, if passed, would allow workers to receive wages in Bitcoin and other cryptocurrencies. The Latin American lawmaker claims that his initiative will “preserve the purchasing power of employees and increase their financial autonomy”. It’s hard to pronounce this message clearer.

According to the proposal, employees will be able to choose the options of full or partial payment of labor compensation in cryptocurrency of their choice. “This initiative is related to the need to ensure greater autonomy and management of wages, which does not mean the loss of rights or possible abuse in labor relations,” explained Jose Luis Ramon to the media.

Interestingly, against the backdrop of the lingering economic crisis in Argentina, residents' interest in bitcoin in 2021 has reportedly doubled compared to the bull rally in 2017, according to several national polls.

Following these events, Argentina-based cryptocurrency exchange Buenbit raised $11 million in a Series A funding round. Buenbit plans to list such coins as USDC, USDT and Binance coin USDB, and include investment products focused on Bitcoin and Ether (ETH). According to Buenbit’s chief executive, half of the funds will be used to start operations in Peru, Colombia and Brazil or Mexico before the end of 2021.

In the same fashion, Paraguayan congressman Carlitos Rejala tweeted "This week we start with an important project to innovate Paraguay in front of the world! The real one to the moon #btc & #paypal". In his turn, Gabriel Silva, a congressman from Panama said his country “could not afford to be left behind” and a broader adoption of crypto was necessary for the country to attract technological innovation and entrepreneurship. Again, let’s welcome new prospective members to the club!

Speaking about the odds of wider adoption of Bitcoin as legal tender by various nations it’s worth to note that some of these countries used to see their fiat currencies dropping against USD more dramatically than Bitcoin did during its worst days. For instance, Argentinian peso plunged against the greenback since 2018 by more than fivefold. Turkish Lira eased by more than two thirds over the same period. Such nations are the potential new entrants into the crypto-the-legal-tender world.

The dogs may bark; the caravan goes on!