Dogecoin Founder Expects Bitcoin (BTC) to Crash After Halving
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Billy Markus cofounded the iconic meme-inspired cryptocurrency, Dogecoin, in collaboration with Jackson Palmer in 2013. The idea behind DOGE's creation was the meme dog Kabosu and a way to parody the leading cryptocurrency, Bitcoin. Now, Jackson can seldom be seen posting on the X/Twitter platform, but Markus is its frequent user, acknowledged to be an influencer by the community.
Known for his love for memes, sarcasm and irony, Markus published a tweet about the approaching Bitcoin halving event, along with a jesting BTC price prediction. However, this take seems to be mirroring the fears of many within the Bitcoin community.
Yuri MolchanMarkus's "Bitcoin price prediction"
Billy Markus, known on X/Twitter under the alias “Shibetoshi Nakamoto” (a pseudonym that mocks the pseudonym of the mysterious Bitcoin creator), jestingly asked in his post if the Bitcoin halving mean that “the price will get cut in half.”
The official Kraken exchange account responded that halving does not work this way. To that, Markus replied “what if it does, though.” There is a certain dark irony to be seen in his tweet and response, since many cryptocurrency holders are currently afraid that the Bitcoin price will see a massive dump after the event instead of going up.
Bitcoin maximalist Samson Mow, chief of the Jan3 company, also addressed these fears in his recent tweet. He advised the community to enjoy “$0.06 million Bitcoin” while they can. He did not make any price predictions, but in his earlier tweets Mow constantly predicted Bitcoin reaching the $1 million price by printing an “Omega candle.” He added a phrase loved and frequently used by many Bitcoiners – “we are still early.”
Bitcoin halving one day away
The much-anticipated Bitcoin halving has almost arrived, and the community is looking forward to BTC's price reaction to it. The halving is about block rewards getting cut in half for miners. During the approaching fourth halvening, each new block will earn them 3.125 BTC instead of 6.25 BTC.
Halvenings ensure that the flagship cryptocurrency remains deflationary, and its supply injected onto the market is reducing. The aforementioned influencer Samson Mow frequently tweets that the coming halving will create a Bitcoin supply shock, while spot BTC ETFs have been contributing to the emergence of the demand shock.
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