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Dogecoin Co-Founder Argues With CZ That Bitcoin Is 'Terrible as Currency': Details

source-logo  u.today 06 April 2023 11:52, UTC

In a recent tweet, the chief executive of Binance, Changpeng Zhao, aka CZ, shared his thoughts about the world being "still early" on Bitcoin. This attracted the active Twitter user and blogger Billy Markus, co-founder of Dogecoin, known as Shibetoshi Nakamoto on this social network.

He criticized BTC as a potential global currency, though.

Billy Markus vs. CZ on Bitcoin: "Terrible as currency"

CZ shared a screenshot with data that there are more than 56.1 million millionaires currently, according to recent studies. It adds that in 2020, this number increased by 5.2 million.

Changpang Zhao added to this information that there are only one million people holding more than just one Bitcoin. "Do the maths, we are still early," CZ tweeted.

The DOGE co-founder stepped in to comment. He said that he did the "math" and, according to his calculations, every person on the globe can ultimately have only 0.002625 BTC each. This makes Bitcoin "terrible as a currency," Billy Markus stated.

i did the math and i came up with:

there is enough bitcoin for each person to have 0.002625 bitcoin each, making it terrible as a currency

— Shibetoshi Nakamoto (@BillyM2k) April 5, 2023

The world population is currently estimated at roughly eight billion. The overall supply of Bitcoin was programmed by its creator Satoshi Nakamoto at the 21 million mark. So far, around 19 million BTC have been mined. In 2023, miners are producing 900 Bitcoins per day, which means 6.25 BTC are rewarded to miners for a single block.

This amount becomes twice as less every four years, thanks to another event programmed by Satoshi Nakamoto and known as halving (halvening). The latest halving took place in the spring of 2020, so after the next one in April or May 2024, miners' rewards for one completed block would be 3.125 BTC, and 450 Bitcoins would be mined per day, respectively.

Recent Bitcoin rally

Since March 10, the flagship cryptocurrency has been on a more or less steady rise, propelled by the current banking crisis in the U.S. Last month started with several major banks in the U.S. going bankrupt: Silvergate, Silicon Valley Bank and Signature Bank. After those followed a few other banks, and even the share price of Deutsche Bank plummeted.

On the back of that news, Bitcoin, acting as a risk hedge, began rising from the $17,440 zone it was trading in back then. Jumping up, it topped the $29,000 zone on March 30 and is currently changing hands at $27,833 after a correction, according to CoinMarketCap.

Earlier this week, Bitcoin plunged, losing $1,000 within an hour after rumors spread that Interpol had issued a red flag for Binance CZ. But he later refuted these allegations as FUD ("fear, uncertainty, doubt") spread by rival exchanges.