Don't Buy Meme Coins, Adam Back Says
Release: 2024/07/05 22:17 Reading: 704
Bitcoin Enthusiast Warns Against Meme Coin Craze
Cover image courtesy of U.Today
Bitcoin advocate Adam Back has cautioned cryptocurrency investors against wagering on meme coins, a burgeoning and lucrative market segment. Back contends that investors should also avoid alternative cryptocurrencies. The co-founder of Blockstream believes Bitcoin remains the only "investment grade" cryptocurrency.
The meme coin sector has recently resurfaced in popularity, buoyed by the success of Pepe (PEPE) and dogwifhat (WIF). Speculative fervor has been further fueled by celebrity endorsements of meme coins from influencers like Iggy Azalea.
As reported by U.Today, former Goldman Sachs analyst Murad Mahmudov recently advocated for exclusive focus on meme coins, while advising against microcaps.
In March, Joe Weisenthal, co-host of Bloomberg's "Odd Lots" podcast, attributed the success of meme cryptocurrencies to their ability to cater to the demand for "extremely asymmetric bets."
However, prominent industry figures have expressed opposition to the speculative frenzy surrounding meme coins. For example, Vitalik Buterin, known as Back's rival, has criticized celebrity meme coins for their lack of utility and innovative mechanisms.
No Need for Panic
Back, who was cited in the Bitcoin whitepaper by Satoshi Nakamoto, recently commented on the Bitcoin market crash, urging holders to remain calm and buy the dip. He noted that Bitcoin's recent declines were less severe than those experienced in previous bullish cycles.
Currently, Bitcoin, the largest cryptocurrency by market capitalization, is trading at $55,536, having dropped to a five-month low of $53,898 earlier today.
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