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Dogecoin founder warns of asset bubble: "It must be destroyed"
In 2013, Billy Markus, who developed Dogecoin together with Jackson Palmer, made a striking warning about the global economy in a post shared on social media platform X. Markus argued that the historic peak reached by housing prices in the USA is not sustainable, but to deflate this bubble, it may be necessary to "destroy the world economy."
135 years of data showed record levels
According to the graph shared by Markus, the Case Shiller House Price Index covering the period from 1890 to 2025 is expected to reach a record high of 299.9 points in 2025. The increase is attributed to high housing demand but low supply. Economists point out that this index has historically surpassed the level of 266 in 2006. 2006 was the year just before the mortgage market bubble burst, triggering the global financial crisis of 2008. This crisis is also cited as one of the significant reasons for the creation of Bitcoin by Satoshi Nakamoto.
"The housing market is at its most inaccessible level in history"
In the accompanying commentary to the graph, the statement "The US Housing Market has reached its least accessible level in history" was used, while Billy Markus emphasized this finding by stating that the current prices are not sustainable.
Reactions were divided into two
Markus's statement that "We need to destroy the world's economy" received some backlash from certain X users. Those who expressed opposing views argued that the fundamental reasons for the rise in the housing market should be sought not only in the supply-demand balance but also in the inflationary environment, rising construction costs, and various economic factors.
Billy Markus is also known in the cryptocurrency community by the username "Shibetoshi Nakamoto" and is particularly recognized for frequently sharing his views on developments related to Dogecoin. His criticisms regarding the imbalance in the housing market have sparked a new debate in the economic agenda.
Published: May 17, 2025 23:54 Last Updated: May 17, 2025 23:55