One of the software engineers who created and launched the iconic Dogecoin meme cryptocurrency, Billy Markus, has published a tongue-in-cheek post on
One of the software engineers who created and launched the iconic Dogecoin meme cryptocurrency, Billy Markus, has published a tongue-in-cheek post on
Meanwhile, the world’s flagship digital currency, Bitcoin, has shown astonishing rise, jumping above the $45,000 level.
The “Bitcoin message” from the founder of DOGE
Billy Markus issued a tongue-in-cheek statement about some tips on how to generate a lot of passive income without doing anything, tips that financial advisors frequently share on social media.
For this, Markus declaredFirst of all, one needs to acquire 24 million US dollars somehow, and then this money needs to be taken to the bank and deposited into a “5% APY high-yield savings account.” The only question left is how to win $24 million.
When one of the commenters asked Markus about that, he said “buy a ton of bitcoins in 2011.” The world’s leading cryptocurrency started trading at less than $1 back then after its launch in 2009 and reached an all-time peak of $69,000 at the end of October 2021.
Today, January 2, 2024, Bitcoin price has regained the $45,000 level, and after a 7.53% jump overnight, BTC is trading at $45,647 after a small drop of 0.41%.
Bitcoin ETF Rush Drives Price Up
As the year 2024 begins, the fever for the upcoming approval of the Bitcoin ETF is getting stronger. Many expect the US regulator, the SEC, to give the green light to ETFs in the second week of January; hence Bitcoin’s massive 7.53% price jump.
Still, this rise in Bitcoin has caused a huge amount of liquidations in the market, amounting to approximately $145 million in total. Most of these liquidations were short positions, as those traders bet on a massive BTC price reversal at the beginning of the year. However, they were defeated by the unexpected rise in Bitcoin price.
About a dozen major Wall Street firms, including Grayscale, BlackRock, Fidelity, VanEck and Ark Invest, filed for a spot Bitcoin ETF at different times last year. They had to update their presentations to add cash refunds.
Once Bitcoin ETFs are approved, hundreds of billions of dollars are expected to flow into Bitcoin.