Billy Markus, the joint creator of meme currency Dogecoin (DOGE), has displayed strong caution about the risks of investing in the crypto industry.
On April 22, Markus said that putting money in digital assets is “literally just investing in mental illness.”
“Investing in crypto is literally just investing in mental illness, which I suppose is on the rise,” he stated.
Markus’ remarks come at a time when the crypto market is in a bearish state, with investors suffering huge losses following the excitement of the 2021 bull run; typically, such downturns are seen as ideal times to invest in the sector.
NFTs ‘Even More Mentally Ill’
The designer then turned his attention to some crypto products, particularly non-fungible tokens (NFTs), claiming that “NFTs are a crypto derivative so it’s like, even more mentally ill”. NFTs had gained massive attention in the crypto industry at one stage, driving the market with unprecedented sales.
Nevertheless, enthusiasm for NFTs has since lowered.
In response to the recent surge in the value of the PEPE meme coin, the DOGE founder targeted those who say that making jokes about cryptocurrency is “preventing generational wealth”, calling the concept ‘gross.’
“I’m responding to people speaking 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, taken a pessimistic stance on cryptocurrencies. For instance, in 2022, the Dogecoin originator revealed that he had ceased investing in crypto nine years earlier, shortly after the introduction of DOGE. At the time, he suggested that investing in crypto could be viewed as a type of gambling.
In this vein, Markus also criticized several digital currency projects based on the Binance Smart Chain (BSC). As reported by Finbold, Markus referred to all BSC tokens as ‘garbage.’
On another front, according to a Finbold report, Jackson Palmer, a fellow co-founder of Dogecoin, expressed his hope for the crypto industry to end during the 2022 bear market.
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