Dogecoin Co-Founder Jackson Palmer Has Concerns About Crypto’s Future

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Apr. 20 2021, Updated 2:01 p.m. ET

He co-founded Dogecoin as a joke, but Jackson Palmer had serious hopes for the cryptocurrency. In a 2018 Vice essay, Palmer explained that he wanted the project to drive innovation in cryptocurrency technology and to advance the vision of a peer-to-peer cash alternative that didn’t rely on financial institutions.

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At first, Dogecoin inspired a Reddit community that welcomed people “dipping their toes into the world of cryptocurrencies for the first time.” Then, that community attracted bad actors and a disillusioned Palmer left the Dogecoin project in 2015. (His LinkedIn profile reveals that he’s a product management director at ‎Adobe.)

Read on for more details about Palmer’s net worth, his career trajectory, and his views on cryptocurrency nowadays.

Jackson Palmer didn’t add to his net worth through Dogecoin.

Palmer’s net worth isn’t public knowledge, but Decrypt reported in 2018 that he didn’t make a cent from Dogecoin, which currently has a market value of more than $50 billion.

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jackson palmer
Source: YouTube

Jackson Palmer

“It was always like a hobby project, like a side project thing,” Palmer told the site. “I made a lot of people rich, but I didn’t come away with any money. I get to tell people that I created Dogecoin, which is fun.”

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Palmer also said that it isn't the missed profit that concerns him—it’s bankers and institutional investors’ encroachment in cryptocurrency. “What it really is, is a re-centralization of some of the stuff that bitcoin was trying to decentralize, right?” he said. “If we get to a point where the money distribution in bitcoin looks fairly identical to that of the traditional Wall St. banks, then what have we really achieved?”

Palmer left the cryptocurrency community in 2015.

In April 2015, Palmer announced he was taking an “extended leave of absence” from the “toxic” world of cryptocurrency.

“All in all, the cryptocurrency space increasingly feels like a bunch of white libertarian bros sitting around hoping to get rich and coming up with half-baked, buzzword-filled business ideas which often fail in an effort to try and do so,” he told Coindesk at the time. “The community is very white male dominated, and there are a lot of anarcho-libertarian beliefs caught up in there which I really don’t agree with.”

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In his Vice article, Palmer wrote that “shark-like scammers and opportunists” had co-opted the Dogecoin community by late 2014. He also explained that the Dogecoin he had at the time was donated to charitable causes and that he hadn’t profited from the Dogecoin project at all.

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Jackson Palmer got back into cryptocurrency to help friends and family.

Palmer also wrote that, after his Dogecoin exit, he started seeing signs that the world was “entering a renewed period of speculative crypto-mania.” He got back into the game for the sake of his friends and family.

“These concerning observations have led me back into the cryptocurrency space to help educate my co-workers, friends, and family who are asking me if they should pour their money into cryptocurrencies,” he wrote. “Hopefully, if I do my job, they will better understand the potential pitfalls of doing so.”

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