- Coinbase CEO Brian Armstrong shares his thoughts on memecoins on his X post.
- Armstrong called Bitcoin a memecoin and one can even say the US dollar is also a memecoin.
Memecoins emerged to be a separate class of their own in the past few years. The incredible price surges in short spans combined with the popularity over the internet, they create buzz in the crypto market. However, most of them are short lived with no real-time use case or string fundamentals.
Coinbase CEO Brian Armstrong took it to his X account and shared his thoughts on memecoins. Armstrong clarified he is not a memecoin trader and acknowledged the fact that they gathered huge popularity nowadays. Former Binance CEO CZ also mentioned his disinterest in memecoin investment earlier. Armstrong further stated,
“Bitcoin is somewhat of a memecoin (one could argue so is the US Dollar, once it was disconnected from gold).”
Even though he might have not literally meant that Bitcoin is a memecoin, he stated in the context that one could assume so. Armstrong also argued that new technologies look like a toy but evolve into powerful tools over time. He even backed his argument with the early internet era.
Brian Armstrong Warns Traders of Insider Trading With Memecoins
Continuing to share his thoughts on memecoins, Coinbase CEO also stated that some memecoins even saw insider trading.
“This is illegal, and people should understand that you will go to prison for this. Don’t break the law! And don’t try to get rich quick. You should get rich by contributing real lasting value to society (Or at least be trying – it’s not easy!)”
Coinbase CEO Brian Armstrong also highlighted that his exchange stands out from the rest of the platforms by being the reliable and simple-to-use exchange. He emphasized his belief in “free market capitalism” and stated if a token is legal and customers would like to trade it, Coinbase exchange will provide information to make their own choice.
Armstrong even stated that the line between a low quality project and an outright scam is blurry and suggested traders to be careful. He believes the only way to bring the next billion users on chain is by building products and services for people.
Brian Armstrong didn’t completely dismiss memecoins and said it’s too early to say the real value they could offer. On the other hand, Castle Island Ventures partner Nic Carter recently shared that the era of memecoins is unquestionably over. Arnstrong concluded by saying, build with a long term mindset and create something that people would want.
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