Billy Markus, one of the software developers behind the well-known parody cryptocurrency Dogecoin, wrote a humorous X/Twitter post discussing potential billionaires in 2024, including Bitcoin users who generate passive income.
Meanwhile, the leading digital currency in the world, Bitcoin, has seen an incredible surge, surpassing the $45,000 mark.
DOGE founder’s “Bitcoin message”
Billy Markus made a satirical comment on tips that financial expert coaches commonly give on social media about how to generate a sizable quantity of passive income while doing nothing.
Markus explained that in order to achieve this, one must first find a way to obtain 24 million US dollars, which should then be brought to a bank and deposited into a “high yield savings account at 5% APY.” The only thing left to ask is how to make twenty-four million dollars.
In response to a question from a commenter, Markus said, “buy a tonne of bitcoin in 2011.” Following its debut in 2009, the most popular cryptocurrency in the world began trading at less than $1. It reached a historic high of $69,000 in late October of 2021.
https://x.com/BillyM2k/status/1741870138121752677?s=20
As of today, January 2, 2024, the price of Bitcoin has bounced back above $45,000. Following an overnight increase of 7.53%, BTC is currently trading at $45,647, down just 0.41%.
Bitcoin ETF fever pushing price up
The anticipation of the impending spot Bitcoin ETF approval is growing as 2024 gets underway. Due to widespread expectations that the U.S. regulator, the SEC, will approve ETFs in the second week of January, Bitcoin’s price has skyrocketed by 7.53%.
Nevertheless, the market has seen a massive number of liquidations due to the spike in Bitcoin, totaling almost $145 million. Most of these liquidations included short positions taken by traders who had placed bets on a significant BTC price reversal at the beginning of the year. But the unanticipated spike in the price of Bitcoin defeated them.
A spot Bitcoin ETF was applied for by around a dozen big Wall Street companies last year, including Grayscale, BlackRock, Fidelity, VanEck, and Ark Invest. They were required to amend their files in order to include cash redemptions.
It is anticipated that hundreds of billions of USD will pour into Bitcoin if Bitcoin ETFs are allowed.
