Memecoins
Crypto Community Erupts as Top Analyst Calls Out Memecoin Investments Gaming
Justin Bons, the founder of Cyber Capital, sparked a revolt in the crypto community by calling memecoin investments gambling, triggering heated debates and varied reactions from enthusiasts.
Crypto community reacts strongly to analyst’s claim that Memecoin investments are gambling
According to CoinGapMembers of the crypto community on X were angered by Justin Bons’ recent comment regarding the correlation between gambling and memecoin investments.
The principal analyst and founder of Cyber Capital believes that people who trade memecoins should not be called investors.
Instead, he claimed that they are traders or gamblers at most. Bons clarified that investors typically engage in fundamental research to provide additional context to his statement. He stated that memecoins are memes by definition, because they lack fundamentals.
Bons advised his followers to invest in the future with this in mind. Nonetheless, the crypto community responded to his post with varying opinions. Podcaster Hotep Jesus reminded the analyst that he is not allowed to change the definition of terms at his discretion. Bons asked User X if his recent use of the term “memecoin” about Bitcoin (BTC) on Hotep Jesus’ program is the reason he responded to this post.
“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.
Some X users were further infuriated by his claim that Bitcoin is a memecoin. Another user inquired about the type of assets Justin Bons invests in. Justin Bons said he is allocating his funds to decentralized finance (DeFi) and the Layer 1 space. He noted that it is the industry offshoots that make sense to him.
Ongoing debate over Bitcoin value intensifies amid Memecoin market surge
In the meantime, there has been much discussion about the potential risks of Bitcoin and other digital assets. Warren Buffett, a billionaire investor known for his harsh condemnation of the crypto market and Bitcoin, reiterated his stance on the digital asset market about a year ago. Buffett has called Bitcoin a “gambling token,” saying the leading cryptocurrency lacks intrinsic value.
Another group of individuals believe that Bitcoin has value as long as it is used as a hedge against inflation. In the past, Anthony Scaramucci of SkyBridge Capital directed anti-crypto entrepreneur Peter Schiff on Bitcoin’s ability to outpace inflation in the United States.
Memecoin has also performed well in the market. Dogwifhat, Shiba Inu, and Dogecoin have all seen substantial growth in the digital asset market.
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