One of Dogecoin’s co-founders, Jackson Palmer, took to Twitter and blasted cryptocurrency as an “inherently right-wing, hyper-capitalistic technology”.

In a Twitter storm, he wrote cryptocurrency takes the worst parts of capitalism and uses technology to circumvent regulatory oversight.

He claimed it removes key “safety nets” for the average investor and leaves them vulnerable to cryptocurrency’s volatility.

Mr Palmer vowed never to go back to dabbling in cryptocurrency.