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Coinbase CEO’s Hot Take: Bitcoin Is Basically A ‘Meme Coin’

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Brian Armstrong, the CEO of Coinbase, has recently made an audacious statement regarding Bitcoin that has caused quite a stir in the crypto industry. He recently proposed that Bitcoin could be regarded as “somewhat of a meme coin,” which sparked a debate among enthusiasts, analysts, and investors.

The Power Of Collective Belief

Like meme currencies, Armstrong pointed out that the value of Bitcoin is essentially derived from popular or collective belief. He explained that unlike conventional assets, Bitcoin lacks inherent value connected with actual objects or direct use. Instead, its value is swayed by societal trust and the shared perception of its significance.

He also likened Bitcoin to the US dollar, noting that although the dollar’s value has persisted mostly due to mass acceptance and faith in its purchasing power, and it is not connected to the gold standard. This comparison highlights Bitcoin’s status as a store of value rather than a commodity with inherent worth.

The Emergence Of Meme Coins

Armstrong did not intend to undermine Bitcoin’s credibility; however, his statements underscored the expanding influence of meme coins. Shiba Inu (SHIB) and Dogecoin (DOGE) are two cryptocurrencies that have amassed substantial followings despite possessing minimal fundamental utility.

For example, Dogecoin, which originated as a joke, experienced a price increase of over 15,000% in 2021 as a result of social media publicity and endorsements from prominent figures such as Elon Musk.

Shiba Inu reached an all-time market cap of around $40 billion. This trend is a reflection of how sentiment and viral appeal can push asset valuation up, much like what Armstrong suggests applies to Bitcoin.


Bitcoin’s Status Remains Unchallenged

Armstrong agreed that, in spite of the comparison, Bitcoin is still the most well-known cryptocurrency. The crypto continues to dominate institutional adoption, regulatory discussions, and long-term investment strategies.

Meanwhile, the legitimacy of Bitcoin has been strengthened even more by the trust big financial firms like BlackRock and Fidelity have in the crypto asset. Its limited supply of 21 million coins and decentralized nature also sets it apart from the typical meme coin phenomenon.

A Conversation Far From Over

Armstrong’s statement has fueled discussions about how cryptocurrencies derive their value. Some critics argue that equating Bitcoin to a meme coin undermines its role as “digital gold,” while others believe it accurately describes the evolving nature of financial assets in the internet era.

Featured image from PC World, chart from TradingView

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