Billy Markus, who goes by the alias Shibetoshi Nakamoto on the X social media platform and is one of the original creators of the meme cryptocurrency DOGE alongside Jackson Palmer in 2013, is an active participant on X app. He regularly shares his insights not only on DOGE and the broader crypto sphere.
In his latest engagement, Markus offered his perspective on the U.S. taxation system, marking his second recent commentary on the topic, the first of which was related to cryptocurrency.
Founder of DOGE Criticizes the U.S. Tax System
Markus shared his thoughts on a post from the @unusual_whales account on X, which referenced Federal Reserve data revealing that 55.8 million Americans aged over 65, constituting 17% of the population, possess “half of America’s wealth,” a portion that the government could potentially collect through gradual taxation.
In response, the DOGE founder offered his criticism, asserting, “The government appears eager to re-tax money that has already been taxed when these individuals pass away.”
On October 9th, Markus voiced the perspective that if the U.S. government does not recognize cryptocurrency as possessing intrinsic value, they should refrain from taxing cryptocurrency sales. In a tweet, Billy Markus expressed, “In that case, kindly refund all the taxes I was compelled to pay for acquiring it, you terribly contradictory individuals.”
Markus suggests that the authenticity of cryptocurrency is fleeting.
Elon Musk, the head of the X app, offered his support by tweeting, “Is it real only if you have to pay taxes, but otherwise not real?” This prompted an unexpected response from Billy Markus, who stated, “Its realness is transitory.” This raises questions about whether Billy Markus considers all cryptocurrencies as genuine assets.
Markus has openly expressed his preference for Bitcoin and Ethereum while expressing disapproval of ERC20 tokens based on the latter. However, he has previously suggested that cryptocurrency prices fluctuate randomly and likened investing in crypto and NFTs to mental illnesses. It’s worth noting the irony here, as Markus himself creates and sells non-fungible tokens.
In early January, Markus disclosed that he had to sell some of his Ethereum to cover taxes on NFT sales in 2022. At the time, the price of ETH was $1,190, and shortly after selling his “batch of ETH,” the value of the second-largest cryptocurrency surged by approximately 20%, reaching $1,220.
Billy Markus endorses Musk’s forthcoming X app update.
As reported by U.Today on Friday, Elon Musk revealed plans to introduce two tiers of Premium subscriptions on the X app. The first tier will come at a lower cost but will require users to view advertisements. The second tier, priced higher, will offer an ad-free experience.
This announcement generated a significant response from the cryptocurrency community, with some individuals even suggesting payment in cryptocurrency, particularly XRP. However, it appears that a considerable number of X app users have expressed their dissatisfaction with the proposed changes. Addressing this matter in his recent X app post, Billy Markus emphasized, “If people derive satisfaction from using a product, they should be amenable to either paying for it or encountering ads.”
He elucidated the straightforward fact that businesses must generate revenue to sustain their operations, compensate their employees, and meet their financial obligations. Markus emphasized that while this should be self-evident, it seems that some individuals may require a reminder of this fundamental reality.