In Dogecoin founder Jackson Palmer’s opinion, the largest obstacle for cryptocurrencies right now is not collapsing bitcoin exchanges, government regulation or public perception.

It’s the people investing in digital currencies.

“The biggest challenge that bitcoin faces is investors,” said Palmer, who attended the cryptocurrency conference CoinSummit on Tuesday.

“It’s being marketed wrong. Half the people on this floor right now are selling bitcoin as an invest opportunity. It’s not an investment opportunity, it’s a currency.”

Palmer’s Dogecoin — an alternative cryptocurrency that features a Shiba Inu from the “Doge” internet meme as its logo — is adamant here. It’s why on the Dogecoin website, it says that “1 Doge = 1 Doge” — if cryptocurrencies are meant to be currency then its unfair to constantly define them in terms of their value compared to the dollar. (For the record, 1,000 Doge is about 65 cents right now.)

On Tuesday, the IRS issued an official clarification of the tax treatment of bitcoin and other virtual currencies that backed up the notion of these currencies as investment opportunities, rather than cash: in most cases, they are to be treated as a property investment, with capital gain or loss, rather than a foreign currency.

Exchanges, said Palmer, were in some ways “one of the worst” things to happen to bitcoin, because they reinforce the idea of the currency as an investment.

“Everybody here is sitting around thinking how much is my bitcoin worth in dollars,” Palmer said of CoinSummit attendees. “That will be bitcoin’s undoing, the fact that everyone cares so much about what it will cash out to in US dollars.”