During his most recent appearance on Australian television panel “The Project,” Dogecoin co-founder Jackson Palmer compared cryptocurrencies to a house of cards.
“Some of the cards at the bottom of that have started to tumble,” Palmer says.
However, he concedes that it’s “too early” to definitely state whether or not the most recent price correction has marked the end of cryptocurrencies.
No value proposition
Palmer is convinced that cryptocurrencies have no value proposition due to stringent regulation.
Since it is “pretty easy” to use electronic banking these days, the Dogecoin co-founder doesn’t see a specific use case for cryptocurrencies despite the fact that their cumulative value came close to $3 trillion last November.
The Australian software developer hopes that the ongoing crash is going to be a “wake-up” call for people.
As reported by U.Today, Palmer opined that cryptocurrencies are the facilitator of scams.
Prior to that, the Dogecoin co-founder locked horns with Tesla CEO Elon Musk on social media. DOGE is down a whopping 92% from its record peak that was achieved last May.