Cryptocurrencies must be banned, said Vivaldi founder and CEO Jon von Tetzchner. According to him, weak regulation of digital assets has given industry companies too much money and influence over politicians, which already creates risks for democracy.
Jon von Tetzchner Calls for a Ban on Digital Assets
Jon von Tetzchner, co-founder and former head of Opera Software, spoke sharply about the crypto industry and wrote that society should have gone for a complete ban on cryptocurrencies.
“We should have banned cryptocurrencies,” said Jon von Tetzchner.
He believes that warnings from experts about the consequences of the lack of strict rules were not heard. Now, in his assessment, crypto companies with large reserves have the opportunity to use money to pressure the political system and “buy corrupt politicians.”
In Jon von Tetzchner’s logic, the problem is not limited to 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 sure that the consequences of such decisions for democracy are already visible.
Why the Criticism Affects More Than Just Cryptocurrencies
Jon von Tetzchner also compared the situation to 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: technology is quickly becoming the infrastructure of public life, and rules appear too late. In this context, cryptocurrency is seen not just as a new financial instrument, but as an area where blockchain, cryptography, mining, and investment are already linked to political influence and large capital flows.
In simple terms, cryptocurrency is a digital asset that can be transferred between network participants without the usual banking scheme. Its price depends on supply and demand, so such assets can rise or fall quickly. The rate is usually checked on crypto exchanges, in market apps, and price tracking services.
Cryptocurrencies differ from regular money in that they do not function as a classic currency issued by the state and passing through banks. The operation with a digital asset is arranged differently: instead of the usual intermediaries, the network, cryptography, and the rules of a specific project play an important role.
The crypto market brings together different assets and projects. For quick comparison, they can be broken down 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; related to the payment system.
- Litecoin — cryptocurrency; used as a coin for network operations.
- Dogecoin — cryptocurrency; often considered a speculative asset.
In addition to individual coins, there are several basic concepts in the crypto industry. Blockchain is a technology for recording transactions on the network. Altcoins are cryptocurrencies other than Bitcoin. Stablecoins try to peg their value to more stable assets, such as regular currency. NFT are tokens that link a digital object to a record on the blockchain.
Mining is the process by which network participants support the operation of the blockchain and receive rewards in cryptocurrency. It is with this that Jon von Tetzchner associates one of his complaints about the industry — high energy consumption.
Cryptocurrency is usually purchased through special services or exchanges: the user selects a platform, funds the 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. Cryptocurrency is used in different ways: for transfers, investments, payments within individual services, or participation in projects.
The main risks for the user are sharp price movements, errors during transfers, and fraudulent schemes. Before making a transaction, it is important to check the wallet address, not follow suspicious links, not give access to accounts, and keep in mind that cryptocurrency regulation in different countries, including Russia, continues to change.
It is this feature, according to critics, that complicates oversight. Currency in digital form can quickly move between market participants, and the market capitalization of the largest assets makes the industry a significant player in the financial and political agenda. Money, expressed including through the US dollar, becomes a resource for lobbying and public influence.
Longstanding Position of the Vivaldi Founder
The current statement continues the line that Jon von Tetzchner has adhered to for several years. In January 2022, he wrote that behind the hype around digital assets, he sees “a pyramid masquerading as a currency.”
Among his main complaints, he highlighted three problems:
- Sharp price fluctuations.
- High energy consumption of mining.
- Lack of clear mass usage scenarios.
This criticism affects both Bitcoin, whose creation is associated with the name Satoshi Nakamoto, and the broader digital asset market.
Back in 2021, Jon von Tetzchner 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.
Against the backdrop of these statements, similar concerns are being voiced in the field of artificial intelligence: Dario Amodei of Anthropic, Sam Altman of OpenAI, and Elon Musk of xAI have previously called for slowing down the development of AI technologies.
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