Dogecoin founder labels Crypto investing as ‘Gambling’; Here’s why

Sahana Kiran
Source – Unsplash

Dogecoin [DOGE] has been gaining increased traction, particularly on Twitter. Thanks to Elon Musk’s banter with the social media platform, the DOGE community’s hopes have peaked. While this persists, the co-founder of the network, Billy Markus took a stroll through Twitter and penned down his thoughts about the crypto industry.

The entire industry was enraged after India decided to categorize crypto under the ‘gambling’ sector. As though the 30 percent tax wasn’t enough, the word gambling further irked the community. However now, the Dogecoin co-founder blatantly suggested that buying or selling cryptocurrency wouldn’t be considered investing. This was gambling.

Similarly taking a jab at NFTs, Markus noted that the sale or purchase of NFTs wasn’t investing. This process was merely bagging collectibles. Further explaining the reason behind these conclusions he added,

“there should be no expectation for financial gain. expectations come from hopium and delusion. someone may buy it more for later, or not.”

Additionally, the Dogecoin co-founder went on to call out influencers who fill individuals up with expectations of potential yield.

Markus even went on to reply to most of the comments on his post. One Twitter user noted that he would tout anything that held value in the future as an investment. The Dogecoin co-founder contested this by suggesting that even a Ponzi Scheme would be considered an investment by the above definition. He said,

“by that definition, a ponzi scam is an investment. the thing itself doesn’t matter as long as you believe you’ll make money. investing comes with an expectation of profit. i don’t believe anyone in crypto or NFTs should expect a profit. money just comes from other people buying.”

Dogecoin began bagging gains while others sluggishly follow suit

The OG meme crypto seemed to be reacting to Musk’s interest in acquiring all of Twitter. At press time, the altcoin was trading for $0.1454 with a 5.11 percent surge over the last 24-hours. The other assets were slowly catching up by pocketing limited gains.