Dogecoin creator calls crypto a scam, says it is controlled by powerful cartel of wealthy figures

Dogecoin co-creator Jackson Palmer has hit out at the crypto industry by calling it a scam and saying that it is controlled by a powerful cartel of wealthy figures.

Dogecoin co-creator Jackson Palmer has hit out at the crypto industry by calling it a scam and saying that it is controlled by a powerful cartel of wealthy figures. Palmer, who is otherwise inactive on social media platforms, took to Twitter on Wednesday and said that cryptocurrency is being used by the wealthy to increase their fortunes by evading tax, diminishing regulatory oversight and artificially enforcing scarcity. “After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity,” he tweeted out on Wednesday afternoon.