'We Should Have Banned Cryptocurrencies,' Opera Co-Founder Says

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Vivaldi CEO Jon von Tetzchner claims that cryptocurrencies should have been banned, arguing that they are used to exert excessive political influence.

"There are consequences from lack of regulation," von Tetzchner wrote in a recent social media post.

Von Tetzchner claims that the same should have applied to user profiling for ads and content algorithms.

"We should have banned user profiling for ads and content algorithms. We did not, and we live with the consequences to our societies and democracy," he wrote.

He then turned his attention to artificial intelligence, noting that some AI companies are themselves calling for regulation.

"Now the AI companies themselves, kind of like the social media companies, are asking to be regulated, as they seem unable to stop themselves. What to do?" he asked.

Longtime crypto critic

Von Tetzchner is known for his rather uncompromising stance on crypto.

Back in January 2022, the Vivaldi founder published an extensive article explaining why his company would not follow rival browsers by adding crypto-related features.

"If you look beyond the hype, you'll find nothing more than a pyramid scheme posing as currency," he wrote at the time.

Von Tetzchner argued that extreme volatility prevented cryptocurrencies from functioning effectively. He also attacked Bitcoin's energy consumption and questioned whether cryptocurrencies had useful real-world applications.

Vivaldi ruled out adding a native cryptocurrency wallet to its browser. He argued that doing so would encourage users to participate in something that was "at best a gamble and at worst a scam."

Notably, rival browser Opera, the company von Tetzchner co-founded, had moved aggressively into Web3 and crypto functionality.