One of DOGE founders has opined on how long current bear market is likely to last and why
Computer engineer Billy Markus, who created Dogecoin in tandem with Jackson Palmer in 2013 as a parody on Bitcoin, took to Twitter to share his take on the current crypto bear market, the reasons behind it, and its duration.
“It’ll be okay eventually,” “maybe like 4 years”
In a tweet that was partly a joke, Markus shared that he expects the crypto market to “be okay eventually.” However, he pointed out that it may take quite a while—”just not soon,” he tweeted. He estimates that the waiting period might be roughly four years.
When asked if this crypto selloff would be “fast and aggressive” and end in a strong rebound, Markus disagreed, citing the dire state of the global economy.
The previous crypto winter also took roughly four years, starting in January 2018 and lasting until 2021, when Bitcoin hit the $63,500 all-time high in April and then soared to nearly $69,000 in November.
As of this writing, the flagship cryptocurrency is changing hands at $22,326 after facing another drop. Ethereum is trading at $1,190, while Dogecoin is down around 92% from its all-time high of $0.7376 reached last May thanks to Elon Musk’s Saturday Night Live debut on US television.
SkyBridge Capital buys more Bitcoin and Ethereum
On Monday, founder and CEO of SkyBridge Capital wealth management fund Anthony Scaramucci joined CNBC’s Squawk Box show, sharing that despite the current bear market he remains optimistic and his fund even bought more BTC and ETH.
He pointed out that Bitcoin still constitutes over 50% of the total crypto market capitalization, so “there is a flight to quality here,” he said.
Overall, he urged investors to “stay disciplined” and not panic about crypto prices facing a heavy drop.
