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Dogecoin creator issues stark warning on crypto investing; Here’s what he said

Dogecoin creator issues stark warning on crypto investing; Here's what he said

Billy Markus, the co-creator of meme cryptocurrency Dogecoin (DOGE), has issued a stark warning about the dangers of investing in the sector. 

In a series of tweets on April 22, Markus termed putting money in digital assets as ‘literally just investing in mental illness.’

“Investing in crypto is literally just investing in mental illness, which I suppose is on the rise,” he said. 

Markus’ remarks come amidst a bearish climate in the crypto market, with investors having suffered significant losses following the euphoria of the 2021 bull run; traditionally, such downturns have been viewed as favorable times to invest in the market. 

NFTs ‘even more mentally ill’ 

The creator went ahead to attack some crypto products, specifically non-fungible tokens (NFT), 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. 

While reacting to the recent spike in the value of the PEPE meme coin, the DOGE founder aimed at those who claim that making jokes about cryptocurrency is “preventing generational wealth” while terming the notion as ‘gross.’ 

“I’m reacting to people talking as if making jokes about it is “preventing generational wealth,” which is gross. But since people are simpletons protecting their bags like baby children, they brigade and act like morons and make stupid takes like this one because brain is hard,” he added. 

Markus pessimistic crypto outlook

It is worth noting that Markus has, in recent years, adopted a pessimistic approach regarding cryptocurrencies. For instance, 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 several digital currency projects focusing on the Binance Smart Chain (BSC). As reported by Finbold, Markus termed all BSC tokens as ‘garbage.’

On another front, as per a Finbold report, Jackson Palmer, a fellow co-founder of Dogecoin, expressed his desire for the crypto industry to end during the 2022 bear market.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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