One of the software engineers who created and launched the iconic meme cryptocurrency Dogecoin, Billy Markus, has published an ironic X/Twitter post, talking about future millionaires that 2024 is likely to see, including those who make passive income on Bitcoin.
In the meantime, the world’s flagship digital currency Bitcoin has demonstrated an astounding rise, jumping above the $45,000 level.
DOGE founder's "Bitcoin message"
Billy Markus issued an ironic statement about pieces of advice on how to make a large amount of passive income while doing nothing – advice that is frequently shared on social media by financial expert coaches.
For this, Markus stated, first of all, one needs to acquire 24 million U.S. dollars somehow, and then this money should be taken to the bank and put in a “high yield savings account at 5% APY.” The only question that remains is how to earn 24 million dollars.
When one of the commentators asked Markus about that, he stated “buy a ton of bitcoin in 2011.” The leading global cryptocurrency started trading at less than $1 back then, after it was launched in 2009 and saw a historic peak of $69,000 in late October 2021.
Today, on Jan. 2, 2024, the Bitcoin price has recovered the $45,000 level, and after a 7.53% jump overnight, BTC is exchanging hands at $45,647 after a tiny, 0.41%, decline.
Bitcoin ETF fever pushing price up
As 2024 has kicked off, the fever of the approaching spot Bitcoin ETF approval is getting stronger. Many expect the U.S. regulator, the SEC, to greenlight ETFs in the second week of January; hence, the massive 7.53% price jump of Bitcoin.
Still, this Bitcoin surge has triggered an enormous amount of liquidations on the market, amounting to approximately $145 million in total. The majority of these liquidations were short positions as those traders bet on a massive BTC price reversal at the start of the year. They were beaten by the unexpected Bitcoin price increase, however.
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 filings to add cash redemptions to them.
Once Bitcoin ETFs are approved, hundreds of billions of USD are expected to flow into Bitcoin.