Memecoins
Community Revolts as Top Analyst Slams Memecoin
Justin Bons angered members of the crypto community on X with his recent comment on the relationship between memecoin investments and gambling.
Bons calls Bitcoin a Memecoin
The leading analyst and founder of Cyber Capital doesn’t think people who trade memecoins should be called investors.
Rather, he said they fall into the category of players or traders at best. For more context in his statement, Bons explained that investors are generally involved in researching fundamentals. He noted that by definition, memecoins lack fundamentals, saying that is what makes them memes in the first place.
Trade meme coins as much as you want, but don’t consider yourself an investor
You are a gambler or trader at best; investors, for their part, look for fundamentals!
Meme pieces, by definition, lack fundamentals; otherwise they wouldn’t be coins
Instead, invest in the future!
– Justin Bons (@Justin_Bons) June 16, 2024
With this in mind, Bons advised his supporters to invest in the future. His post, however, received mixed reactions from the crypto community. Podcaster Hotep Jesus reminded the analyst that he cannot change the definition of words whenever he wants. In response to this post, Bons asked User X if it was because he had recently referenced Bitcoin (BTC) as memecoin in Hotep Jesus’ show.
“This would be consistent with my view, as I do not invest in BTC nor do I think it has good fundamentals,” said the Cyber Capital founder.
His reiteration that Bitcoin is a memecoin further angered some X users. Another user asked Justin Bons what type of asset he invests in. In response, Justin Bons said he is placing his funds in the layer 1 space as well as decentralized finance (DeFi). He mentioned that these are ramifications of the industry that make sense to him.
Dissenting Opinions on Bitcoin and Meme Assets
Meanwhile, talk of Bitcoin or any other digital asset being a gamble has been growing lately. About a year ago, a billionaire investor Warren Buffett, known for his harsh criticism of Bitcoin and the crypto market, has reiterated his views on the digital asset market. Buffett called Bitcoin a “gaming token,” citing that the leading cryptocurrency has no intrinsic value.
There is another group of individuals who strongly believe that Bitcoin has value, even to the point of being used as a hedge against inflation. Anthony Scaramucci of SkyBridge Capital once pointed out anti-crypto entrepreneur Peter Schiff on Bitcoin’s ability to fight inflation in the United States.
Memecoin has also performed well in the market. Some like Dogwifhat, Shiba Inu and Dogecoin have captured a significant percentage of the digital asset market.
Learn more: Ethereum Price Hints at Major Reversal as Whales Buy 700,000 ETH Amid Market Drop