Dogecoin Founder Billy Markus Thinks It’s Dumb To Freak Out When People Are Selling Off Bitcoin

Dogecoin co-founder, Billy Markus, says there is no use freaking out when people are selling off BTC.

Billy Markus, the co-founder of Dogecoin, went to his Twitter account to express his confusion about the panic that some individuals seem to be experiencing around the sale of Bitcoin (BTC). He continued by saying that the daily sale of bitcoins totals actually millions. If no one is willing to sell bitcoin, then no one will purchase it.

He believes that the folks who are becoming panicked are those who do not believe in the value of BTC. “Anyway if you believe in your magic internet money, no one selling it would make you freak you, because who cares.”

why do people freak out when people sell bitcoin?

literal millions of bitcoin are sold every day. no one is buying bitcoin if no one is selling it.

— Shibetoshi Nakamoto (@BillyM2k) July 20, 2022

It is reasonable to assume that Billy Markus intended his words to be addressed at those individuals who are going crazy as a result of Elon Musk’s Tesla announcing that it had liquidated nearly a billion dollars worth of bitcoin. 

The electric vehicle manufacturer said in its financial report for the second quarter of 2022 that it had liquidated 75% of its Bitcoin assets during the period. The total amount the business received for the coins’ sale was $963 million. 

Despite this, none of Tesla’s Dogecoin assets were sold, and the company continues to acknowledge and accept the memecoin as a valid form of payment for merchandise.

Earlier this year, the corporation revealed it had acquired $1.5 billion worth of cryptocurrency using its balance sheet cash. It would eventually start accepting payments in BTC for its automobiles. 

That statement drove the crypto markets into a frenzy, pushing up the values of many cryptocurrencies and establishing Musk as the unofficial leader in the industry. As it turned out, this goodwill was reversed when he abruptly stated that they were canceling plans to accept cryptocurrency payments.

Even if he recently said that crypto is not contributing to an ecologically sustainable future, Musk is still a major influence in the crypto business and one of its most vocal proponents.

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