Billy Marcus: If Dogecoin is a Pyramid Scheme, So is the Crypto Market
Table of contents
Billy Marcus Reacts to Dogecoin Pyramid Lawsuit
Marcus noted that if DOGE is referred to as a pyramid scheme, then the same should apply to the entire cryptocurrency market, stock market, the housing market, commodities market, and monetary system itself. In this regard, he believes that everyone should then sue Alexander Hamilton, the founding father of the United States.
He went ahead to state the fact that cryptocurrency has an "incredible amount of stupid stuff around it". He said it is all just related to how incredibly stupid people are, adding that digital currencies are just “a protocol and a shared database.”
Elon Musk Faces $258B Lawsuit
Earlier last week, the CEO of Tesla, Elon Musk was slammed in a lawsuit over promoting the meme-based cryptocurrency. The plaintiff, referred to as Keith Johnson, stated in the lawsuit that he invested heavily in Dogecoin due to Musk's tweets on the meme-based crypto.
DOGE reached an all-time high of $0.73 on May 8, 2021. At the time of writing, DOGE is currently down 92% from its all-time high and is trading at around $0.059389.
In this regard, Johnson and other Dogecoin investors who have incurred losses via the cryptocurrency noted that Musk should pay $258 billion as compensation.