Dogecoin co-creator Billy Markus has issued a stark warning on the dangers of investing in cryptocurrencies. Markus took to Twitter on April 22 to describe investing in digital assets as “literally just investing in mental illness,” a statement that has sent ripples through the crypto community.
Markus’ comments came amidst a bearish climate in the crypto market, with investors having suffered significant losses following the euphoria of the 2021 bull run. The DOGE founder also attacked some crypto products, particularly non-fungible tokens (NFTs), stating that “NFTs are a crypto derivative, so it’s like, even more mentally ill.” Notably, NFTs gained massive popularity in the crypto industry at one point, captivating the market with unprecedented sales. However, interest in NFTs has since subsided.
Markus also criticized those who claim that making jokes about cryptocurrency is “preventing generational wealth,” describing the notion as “gross.” He noted that people who invest in crypto are simpletons protecting their bags like baby children and are brigading and acting like morons, making stupid takes because the brain is hard.
It is worth noting that Markus has adopted a pessimistic approach towards cryptocurrencies in recent years. In 2022, the Dogecoin creator revealed that he had ceased investing in cryptocurrency nine years ago, shortly after DOGE’s introduction. At the time, he stated that investing in crypto could be considered a form of gambling. In this line, Markus also hit out at several digital currency projects focusing on the Binance Smart Chain (BSC), terming all BSC tokens as “garbage.”
Jackson Palmer, a fellow co-founder of Dogecoin, has also expressed his desire for the crypto industry to end during the 2022 bear market, as per a Finbold report.
The crypto community has been divided in its response to Markus’ comments. Some have criticized him for making derogatory remarks about crypto investors, while others have commended him for speaking out against what they see as a speculative and risky investment.
Investing in cryptocurrencies is undoubtedly risky. The crypto market is notoriously volatile, with prices often fluctuating wildly in short periods. Some investors have made fortunes from cryptocurrencies, while others have lost their life savings. As with any investment, it is essential to do your research and understand the risks before investing.
Despite the risks, cryptocurrencies are becoming increasingly popular, with more people than ever before buying and selling digital assets. The rise of decentralized finance (DeFi) has also created new opportunities for investors to earn yields on their crypto holdings.
In conclusion, while Markus’ comments may have caused some consternation in the crypto community, they serve as a reminder that investing in cryptocurrencies is not for the faint of heart. As with any investment, it is essential to do your research, understand the risks, and only invest what you can afford to lose.
Disclaimer: The information provided in this article is for educational and informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investing is speculative and involves significant risks - you should only invest what you can afford to lose. The opinions expressed in this article are those of the author and do not necessarily reflect the views of the platform.
