Earlier this year, Cuban said 80% of his current investments that are not on the ABC program “Shark Tank” are related to crypto.
Palmer also commented on the role celebrities like Matt Damon and Kim Kardashian have taken in advertising crypto to the masses.
“They promote what they get paid to promote,” Palmer said. “I think that the actors don’t have a moral compass when it comes to that, but it’s their job. That’s what they do. It’s not surprising to me.”
The co-creator of the meme currency has long had a critical view of crypto as more and more traditional finance types have embraced what was once an alternative to the mainstream financial system.
“Back in 2013 — or even when crypto was first coming out in 2008 — there was a portion of it that was actually a response to Wall Street and the overarching capitalist system,” Palmer said.
“What really turned me off was that I quickly realized that the people that were building these systems —building Bitcoin and building all of these cryptocurrencies — didn’t necessarily want to replace a corrupt capitalist system. They more so wanted to be the ones in control of an alternative capitalist system. The gripe for most people in crypto isn’t that Wall Street bankers were exploitative or had unfair power, it’s that they want to be the unfair power in the system and they want to be the ones that are able to extract large profits from people instead of Wall Street bankers,” he added.
