Jon von Tetzchner, the founder and CEO of Vivaldi, has advocated for a ban on cryptocurrencies, arguing that the lack of regulation allows industry players to influence politicians, thereby posing a risk to democracy.
Source: Vivaldi Social.“We should have banned cryptocurrencies,” wrote the co-founder and former head of Opera Software.
He believes that experts have long warned about the repercussions of unregulated markets, and now crypto companies with substantial financial resources are in a position to “purchase corrupt politicians.”
Von Tetzchner draws parallels between this situation and another regulatory failure—using user profiles for targeted advertising and recommendation algorithms in browsers. He argues that society is already facing the consequences of these regulatory decisions on democracy.
The entrepreneur also compared this issue to the AI industry, stating that companies, similar to social media platforms, are now calling for regulations as they are unable to independently curb potentially harmful practices.
Tetzchner's Ongoing Critique of Cryptocurrency
This latest statement is part of von Tetzchner's long-standing criticism of cryptocurrencies. In January 2022, he wrote that the hype surrounding digital assets resembles a "pyramid masquerading as a currency."
He has also pointed out the volatility of cryptocurrencies, the high energy consumption associated with mining, and the lack of clear practical applications.
Back in 2021, he called for a ban on surveillance-based advertising, claiming that the data-collection business model of Big Tech undermines democracy and needs regulation.
It is worth noting that Dario Amodei of Anthropic, Sam Altman of OpenAI, and Elon Musk of xAI have also urged for a slowdown in the development of AI technologies.