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Billy Markus, co-founder of the iconic cryptocurrency Dogecoin, known under the pseudonym Sibetoshi Nakamoto, has shared his views on the nature of crypto markets and why they continue to decline, leaving investors and traders frustrated.
Crypto Market Crashes Following Bitcoin Fall
At the beginning of October, the cryptocurrency market faced a drastic decline due to the notable drop in Bitcoin prices. From September 29 to October 3, Bitcoin lost almost 9%, falling from the high of $66,000 to $60,000.
Over the past 24 hours, Bitcoin managed to mitigate some of its recent hemorrhage and gained 2.26%, after which it once again faced an immediate loss. As of this writing, BTC is changing hands at $61,265.
This dramatic decline was triggered by the no less dramatic geopolitical developments in the Middle East. As a result, many investors began exiting Bitcoin, the S&P 500, and other top stock assets, buying gold, which was considered the leading safe-haven asset before BTC came onto the scene.
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“Crypto is like a really sexy girl”: Shibetoshi Nakamoto
Markus, who is considered an influential figure in the crypto community, explained the reason for the current market drop.
His tweet on this subject carries a tinge of dark irony. He compared crypto to “a really hot girl who gives you a little attention and you turn on thinking maybe you might have a chance.” However, he adds, “but then she dumps you and starts dating a rich man.”
Markus reveals his epic BTC, DOGE, LTC sale
Earlier this week, the Dogecoin founder also revealed that he had virtually no crypto left after selling almost all of his reserves, made up of various coins, to buy a Honda Civic. Markus tweeted that in 2015 he sold 50 BTC, 440 LTC and 6 million DOGE.
Currently, 50 Bitcoins are worth $3,069,865. Four hundred and forty (440) LTC is now valued at $30,118, and six million Dogecoin is worth $646,013, making almost $4 million in total. Earlier this year, Markus tweeted that his current Bitcoin holdings consist of 0.009 BTC and a tiny bit of Dogecoin. A few years ago, he also tweeted that he had to sell some of his ETH at a loss in order to pay his taxes.
