Vivaldi CEO Calls Cryptocurrencies a Threat to Democracy

Cryptocurrencies should be banned, said Vivaldi founder and CEO Jon von Teichner. According to him, weak regulation of digital assets has given companies in the industry too much money and influence over politicians, which already poses risks to democracy.

Jon von Teichner Calls for a Ban on Digital Assets

Jon von Teichner, co-founder and former head of Opera Software, has sharply criticized the crypto industry and stated that society should impose a complete ban on cryptocurrencies.

"We should have banned cryptocurrencies," said Jon von Teichner.

He believes that warnings from experts about the consequences of a lack of strict regulations have gone unheard. Now, in his assessment, crypto companies with large reserves have gained the ability to use money to pressure the political system and "buy corrupt politicians."

In Jon von Teichner's logic, the problem is not limited to just one industry. He draws a parallel with the advertising model on the internet, where user profiles are used for targeting, and recommendation algorithms influence what people see. The entrepreneur is convinced that the consequences of such decisions for democracy are already noticeable.

Why the Criticism Affects More Than Just Cryptocurrencies

Jon von Teichner also compared the situation with the artificial intelligence industry. According to him, companies in this sector, like social networks before them, have begun to call for regulation themselves, as they cannot independently stop practices they consider potentially harmful.

For him, this is part of a broader problem: technologies are rapidly becoming the infrastructure of public life, and regulations appear too late. In this context, cryptocurrency is viewed not just as a new financial instrument, but as a sphere where blockchain, cryptography, mining, and investments are already linked to political influence and large capital flows.

Cryptocurrency, in simple terms, is a digital asset that can be transferred between network participants without the usual banking scheme. Its price depends on supply and demand, which means such assets can rise or fall rapidly. The exchange rate is usually monitored on crypto exchanges, market applications, and price tracking services.

Cryptocurrencies differ from regular money in that they do not operate like classic currency issued by a government and processed through banks. Transactions with digital assets are structured differently: instead of traditional intermediaries, the network, cryptography, and the specific project's rules play a crucial role.

The crypto market encompasses various assets and projects. For quick comparison, they can be categorized by type and purpose:

• Bitcoin — cryptocurrency; can be used as a means of exchange and a speculative asset.
• Ethereum — crypto project; an important part of the digital asset ecosystem.
• Ripple — crypto project; associated with a payment system.
• Litecoin — cryptocurrency; used as a coin for transactions on the network.
• Dogecoin — cryptocurrency; often viewed as a speculative asset.

In addition to individual coins, the crypto industry has several basic concepts. Blockchain is the technology for recording transactions on the network. Altcoins refer to cryptocurrencies other than Bitcoin. Stablecoins aim to peg their value to more stable assets, such as regular currency. NFTs are tokens that link a digital object to a record in the blockchain.

Mining is the process by which network participants support the operation of the blockchain and receive rewards in cryptocurrency. Jon von Teichner associates one of his complaints about the industry with high energy consumption.

Cryptocurrency is usually purchased through specialized services or exchanges: the user selects a platform, funds their account, buys the desired coin, and decides where to store it. The asset can be left on the exchange or transferred to a crypto wallet. Cryptocurrencies are used in various ways: for transfers, investments, payments within specific services, or participation in projects.

The main risks for users include sharp price movements, errors during transfers, and fraudulent schemes. Before a transaction, it is important to check the wallet address, avoid suspicious links, not share access to accounts, and consider that cryptocurrency regulation in different countries, including Russia, continues to change.

This feature, according to critics, complicates oversight. Currency in digital form can move quickly between market participants, and the market capitalization of the largest assets makes the industry a significant player in financial and political agendas. Money, expressed in part through the US dollar, becomes a resource for lobbying and public influence.

Long-standing Position of the Vivaldi Founder

The current statement continues the line that Jon von Teichner has adhered to for several years. In January 2022, he wrote that behind the hype surrounding digital assets, he sees "a pyramid masquerading as currency."

Among his main complaints, he highlighted three issues:

• Sharp price fluctuations.
• High energy consumption of mining.
• Lack of clear mass-use scenarios.

Such criticism also affects Bitcoin, whose emergence is associated with the name Satoshi Nakamoto, and the broader market of digital assets.

Back in 2021, Jon von Teichner advocated for a ban on advertising based on user tracking. He argued that the Big Tech business model, built on data collection, undermines democratic institutions and needs regulation.

Amid these statements, similar concerns are also being voiced in the field of artificial intelligence: Dario Amodei from Anthropic, Sam Altman from OpenAI, and Elon Musk from xAI have previously called for slowing down the development of AI technologies.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.