Crypto is a Grift, and Elon Musk a Grifter, says Dogecoin Co-Founder

While one of Dogecoin’s creators is a public Twitter friend of Elon Musk, the other has a vastly more cynical outlook on the billionaire. Jackson Palmer recently called Musk a ‘grifter’, and suggested that he doesn’t even know how to run basic code.

The Great Crypto Grift

In an interview with the Australian publication Crikey, Palmer echoed some of his past criticisms of crypto. He believes the practice of making money through crypto trading and price appreciation highlights the worst aspects of “hypercapitalism”.

“People are doing nothing but making money off doing nothing,” he argued, citing the social media practices of the famous rapper Drake. The superstar has made a public display of multiple six-figure Bitcoin bets through his Instagram page, using the gambling platform Stake.

Between ICOs, DAO’s, and NFTs, and the Metaverse, Palmer believes the whole world is devolving into a “snake oil scheme.” Yet to his disappointment, the industry appears to not to be slowing down, thanks to “big people with big money”.

One of those “big people” is undoubtedly Elon Musk. The Tesla CEO’s bought $1.5 billion in Bitcoin last year, sparking a soaring crypto market. He’s even taken a special interest in Palmer’s own creation, which he still exerts some degree of price control over.

Fellow co-founder Billy Markus regularly interacts with Musk over Twitter, welcoming his support of the cryptocurrency. Palmer, however, is not so enthusiastic.

“About a year ago when Musk was saying something about crypto, I said Elon Musk was and always will be a grifter but the world loves grifters,” he explained. “They love the idea that they may also be a billionaire one day, and that’s the dream he’s selling.”

Dogecoin co-creator blasts crypto as a scam to help the rich get richer - MarketWatch
Jackson Palmer. Source: MarketWatch

Palmer also claims to have interacted with Musk years ago, when exploring ways to combat cryptocurrency bots and spam accounts. He offered the billionaire a script for automatically detecting such bots – but apparently, the CEO didn’t know how to use it.

“He’s just really good at pretending he knows,” said Palmer. “That’s very evident with the Tesla full-self-driving promise.”

Dogecoin’s Other Creator

Though Billy Markus is undoubtedly the less cynical of the two creators on crypto, even he has his many criticisms. In February, he claimed that the recent influx of other “meme coins” weren’t real, satirical creations like Dogecoin. “They’re made by people trying to get rich off of other people trying to get rich,” he said.


In general, Markus has a more lighthearted view of cryptocurrencies, and only shows distaste for people who get overly combative. “Life is too short to be mad all the time,” he tweeted on Sunday.

Stay up to date with our latest articles