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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
crypto

Crypto Guru Says Only Bitcoin Makes The Grade — Not Meme Coins

Christian Encila
by Christian Encila
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The world of cryptocurrencies is split on the virtues of meme coins, digital tokens derived from online jokes and pop cultural allusions. While seasoned players like Bitcoin advocate Adam Back see them as a transitory fad, supporters welcome them as a possibility for huge gains.

Related Reading: Crypto Ponzi Scheme Busted: US Court Orders Hedge Fund Owner To Pay $84 Million

Risky Ride On The Hype Train

Recent months have seen Meme currencies sweep the crypto market. Online communities and celebrity sponsors have driven spikes in value for tokens like Pepe and Dogwifhat. This tendency is best shown by the way influencer Iggy Azalea promotes her own meme coin.

Analyst Murad Mahmudov sees promise in this field but advises against extremely speculative microcap meme coins, basically little enterprises in the crypto realm.

There are detractors of this speculative frenzy as well. Vitalik Buterin, a co-founder of Ethereum, shares Back’s worries, contending that many meme currencies lack creative ideas or practical uses. He calls into doubt their long-term survival.

reminder, zoom out. prior bull runs had half a dozen -30% draw downs too. we’re at about -26% (-27% earlier).

in fact if anything, recent draw-downs seem to be less deep, but people forget the normal bull market pattern. don’t panic, buy the dip. or buy a bit of $CMSTR with… pic.twitter.com/vBOjFN1TOn

— Adam Back (@adam3us) July 5, 2024

Back, as referenced in the initial Bitcoin whitepaper, has a past of discounting meme currencies with a straight-forward disdain. He aimed at meme makers and their works in 2021 as well.

Back criticised the so-called “shitcoiners,” claiming they are horrible at creating memes and citing no good rationale for that.

Blockstream cofounder further dampened the enthusiasm around pricey meme-based NFTs like EtherRock, which sold for millions despite being, in his words, “a low-resolution gif that has no substance.”

Bitcoin is currently trading at $56,747. Chart: TradingView

Is Bitcoin The Only ‘Investment Grade’ Crypto?

Back’s position is really clear: only one cryptocurrency with actual investment promise is Bitcoin. He is dubious about most alternative cryptocurrencies (altcoins) as well as meme coins.

This unflinching backing of Bitcoin is not new Back has often referred to Bitcoin as “very inexpensive,” even though its price in April this year hung at $66,720.

Like gold, he thinks the market undervalues Bitcoin’s prospective as a digital store of wealth. Back further contends that investors must really grasp the long-term value proposition of Bitcoin by means of a few bear markets such as the recent price declines that saw Bitcoin sink to a five-month low.

Related Reading: NFTs Rise From The Ashes: Market Sees Unexpected Boom In 2024

A Battle Of Memes And Fundamentals

The conflict between meme coins and more established cryptocurrencies like Bitcoin reflects a larger argument about the direction of digital assets. Meme coins expose a risk on cultural relevance and communal influence.

Their success depends on keeping buzz and drawing fresh money. Conversely, Bitcoin depends on its current technology and rising acceptance as a valid financial tool.

Featured image from WSJ, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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