Dogecoin Co-Creator Reveals His Bitcoin Holdings Is Less Than $350

Billy Markus, the co-founder of Dogecoin DOGE/USD popularly known as Shibetoshi Nakamoto, on Thursday admitted to possessing a small fraction of Bitcoin BTC/USD. 

What Happened: Markus, responding to a query from a follower revealed his Bitcoin holdings amount to slightly less than 0.006 BTC, which translates to a current value of $311.21.

Markus is no stranger to the crypto domain, having previously owned and then sold his cryptocurrency assets, including Dogecoin and Bitcoin, back in 2015. In 2021, he revealed that he sold off his entire cryptocurrency holdings for an amount equivalent to what a used Honda Civic would cost at that time.

The creation of Dogecoin by Markus and Jackson Palmer in December 2013 was initially intended as a humorous commentary on the rapid multiplication of altcoins in the crypto market. The meme cryptocurrency, which started as a fork of the now-defunct Luckycoin (itself a fork of Bitcoin), operates on the Scrypt algorithm, also used by Litecoin, another offshoot of Bitcoin.

Dogecoin has gained substantial traction and was further popularized by Elon Musk, the tech mogul heading Tesla and SpaceX, who showed a particular affinity for Dogecoin,

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Last month, during the World Economic Forum's annual meeting in Davos, Switzerland, a panel discussion titled "Clear-Eyed About Crypto" Brad Garlinghouse, the CEO of Ripple Labs, expressed a viewpoint in line with the panel, showing skepticism towards the utility of Dogecoin.

He said, "I don't get it," concerning "unregulated cryptocurrencies" and identified Elon Musk as the "central actor" in Dogecoin's marketplace. Garlinghouse stated he fails to "see the use and the purpose" of the meme coin.

Markus compared DOGE to Bitcoin, noting that aside from slight variations and a canine mascot, Dogecoin is fundamentally similar. “The super dumb thing about this is dogecoin is essentially the same thing as bitcoin with mildly different parameters and a dog mascot.”

Price Action: At the time of writing, DOGE was trading at $0.086 down 0.58% over the past 24 hours, as reported by Benzinga Pro. 

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