Dogecoin Founder Reacts to Crypto Market Crash – Unexpected Take

Billy Markus, a co-founder of the iconic meme cryptocurrency Dogecoin, known under the pseudonym Sibetoshi Nakamoto, has shared his take on the nature of crypto markets and why they keep dropping, leaving investors and traders frustrated.

Crypto market crashes following Bitcoin plunge

As October kicked off, the cryptocurrency market has faced a drastic decline due to the notable Bitcoin price fall. From September 29 until October 3, Bitcoin has lost almost 9%, falling from the $66,000 peak and going below the $60,000 level.

Over the past 24 hours, Bitcoin has managed to pare some of its recent bleeding and gained 2.26% after which he faced an immediate loss again. At the time of this writing, BTC is changing hands at $61,265.

This dramatic decline has been triggered by the not less dramatic geopolitical developments in the Middle East. As a result many investors began to exit Bitcoin, S&P 500, and other leading stock market assets, buying into gold which was considered a safe haven asset before BTC was created.

"Crypto is like really hot girl": Shibetoshi Nakamoto

Markus, who is considered an influential figure within the crypto community, shared his reason for the current plunge of the market.

His tweet about this carries a shade of dark irony. He likened crypto to “a really hot girl who gives you attention for a bit and you gaslight yourself thinking just maybe you might have a chance”. However, he adds, “but then she drops you and starts dating a rich guy.”

Markus reveals his epic BTC, DOGE, LTC sale

Earlier this week, the Dogecoin founder also revealed that he has hardly any crypto left after he had sold nearly all his stash, consisting 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 would be worth $3,069,865. 440 LTC are now valued at $30,118, and 6 million Dogecoin is the equivalent of $646,013, which makes it nearly $4 million in total. At the start of the 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 his ETH at a loss in order to pay taxes.