The creator of the widely used meme currency Dogecoin (DOGE) has revealed the most important guideline he follows when it comes to investing in digital assets, as well as the tokens he most values.
DOGE co-creator Billy Markus, also known as Shibetoshi Nakamoto, said in a new thread that investors should not put more money into crypto assets than they would be ready to see burned up in a fire. Billy Markus is also known as Satoshi Nakamoto.
“The number one rule that I always tell people about cryptocurrency is that they should never invest more money than they are willing to lose in a fire.”
After that, Markus goes on to mention some of his favorite virtual currencies, which include Bitcoin (BTC) and Ethereum (ETH), which are now the top two digital assets in terms of market size. In addition to this, he referred to Dogecoin as “Bitcoin wearing a dog suit” and stated that he is not a supporter of ERC-20 tokens, which are assets that are constructed on top of ETH.
“I favor the major players (Bitcoin and Ethereum), because Doge is simply Bitcoin dressed up as a dog. I have a strong aversion to virtually every ERC-20 token.
At the beginning of this year, Markus issued a warning to investors that they should avoid investing in memecoins and non-fungible tokens (NFTs). He stated that the cryptocurrency field has become “stupider” over the course of the last 10 years and compared it to gambling.
At the time of this writing, one dogecoin can be purchased for $0.0617. This is a reduction of 8.1% over the course of the previous twenty-four hours.