Coinbase CEO Says Bitcoin Can Be Considered a Meme Coin
Brian Armstrong, CEO of U.S. crypto exchange Coinbase, suggests that Bitcoin (BTC), in some sense, can be considered a meme coin. Armstrong made the bold assertion yesterday in a post on X on Wednesday, where he acknowledged the rise of meme coins. He pointed out that while meme coins are gaining traction lately, they have existed since the early days of crypto, highlighting Dogecoin (DOGE) as a prime example. Notably, he characterized Bitcoin, in some sense, as a meme coin, suggesting it was initially created as a joke. His reasoning stems from how Bitcoin, like meme coins, generated its value from collective belief rather than having its intrinsic value. The Coinbase CEO said some people consider the U.S. dollar a meme coin following its disconnection from gold. Despite this, the dollar has remained valuable as people still believe in it, using the fiat for international settlements. The Bigger Picture Armstrong noted that while many may think less of meme coins, they could play a significant role in tokenizing everything on the blockchain, ranging from media content to contracts. Instead of considering meme coins silly, he advised people to keep an open mind about their potential use cases. Meanwhile, he acknowledged how some meme coins have gone too far, with bad actors utilizing them for insider trading. Notably, he emphasized the need to purge illicit actors within the meme coin space and encourage legitimate developers who are building lasting value. We want to onboard the next billion users on-chain. The only way to do this is by building products and services that people want, Armstrong remarked. How Coinbase Is Approaching Meme Coins Furthermore, the Coinbase CEO shed light on how the exchange handles the listing of meme coins on its platform. He revealed that Coinbases core philosophy revolves around free market capitalism. Under this policy, the exchange grants users access to tokens that are legal and in high demand. However, it tries to distinguish between fraudulent and low-quality meme coins. While Coinbase delists any fraudulent meme coin, the low-quality tokens will still be available on the platform, allowing users to rely on community feedback to ascertain whether to trade them.
Text source: The Crypto Basic
