Dogecoin co-founder argues with CZ that Bitcoin is ‘terrible as a currency’: Details

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In a recent tweet, Binance CEO Changpeng Zhao, aka CZ, shared his thoughts that the world is “still early” for Bitcoin. This attracted the active Twitter user and blogger Billy Markus, co-founder of Dogecoin, known as Shibetoshi Nakamoto on this social network.

However, he criticized BTC as a potential global currency.

Billy Markus vs. CZ on Bitcoin: “Terrible as a Currency”

CZ shared a screenshot with data that there are more than 56.1 million millionaires currently, according to recent studies. It adds that in 2020 this figure increased by 5.2 million.

Changpang Zhao added to this information that there are only one million people who have more than just one Bitcoin. “Do the math, we’re still early,” CZ tweeted.

The DOGE co-founder stepped in to comment. He said he did the “math” and according to his calculations, every person on the planet could end up only having 0.002625 BTC each. This makes Bitcoin “terrible as a currency,” stated Billy Markus.

The world’s population is currently estimated at approximately eight billion. The total supply of Bitcoin was programmed by its creator Satoshi Nakamoto to be 21 million. So far around 19 million BTC have been mined. By 2023, miners produce 900 Bitcoins per day, which means 6.25 BTC is rewarded to miners for a single block.

This amount is halved every four years, thanks to another event programmed by Satoshi Nakamoto and known as halving (halving). The last halving took place in the spring of 2020, so after the next one in April or May 2024, the miners’ reward for a completed block will be 3,125 BTC, respectively, and 450 Bitcoins will be mined per day.

Recent Bitcoin Rally

Since March 10, the flagship cryptocurrency has been on a more or less steady rise, fueled by the current banking crisis in the United States. Last month started with several major banks in the US going bankrupt: Silvergate, Silicon Valley Bank and Signature Bank. After them, some other banks followed, and even Deutsche Bank’s share price plunged.

On the back of that news, Bitcoin, acting as a hedge, started to rise from the $17,440 zone it was trading in at the time. Jumping higher, it topped the $29,000 zone on March 30 and is currently trading hands at $27,833 after a correction, according to CoinMarketCap.

Earlier this week, Bitcoin plunged and lost $1,000 within an hour after rumors spread that Interpol had issued a red flag for Binance CZ. But he later refuted those claims as FUD (“fear, uncertainty, doubt”) spread by rival exchanges.