Memecoins
Don’t Buy Meme Coins, Says Adam Back
Alex Dovbnia
You Should Avoid Meme Cryptocurrencies, Crypto OG Quoted in Bitcoin Whitepaper Says
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Bitcoin evangelist Adam Back has warned Cryptocurrency investors are reluctant to place their bets on meme coins, which have become a hot market sector.
Back also believes that market participants should also steer clear of other alternative cryptocurrencies. The co-founder of blockchain technology company Blockstream is convinced that bitcoin is the only “investment grade” cryptocurrency.
The meme coin sector has recently seen a surge in interest thanks to success stories such as Pepe (PEPE) and dogwifhat (WIF). Various celebrity meme coins created by influencers such as Iggy Azalea have further fueled the speculative fervor.
As reported by U.TodayFormer Goldman Sachs analyst Murad Mahmudov recently opined that market participants should focus exclusively on meme coins, but he recommended avoiding microcaps.
Last March, Joe Weisenthal, co-host of Bloomberg’s “Odd Lots” podcast, attempted to explain the success of meme cryptocurrencies, saying they satisfy the demand for “extremely asymmetric bets.”
There are, however, some big names in the industry who are pushing back against the meme coin speculative frenzy. For example, Back’s arch-nemesis Vitalik Buterin has also critical celebrity meme pieces due to their lack of utility and interesting mechanics.
No need to panic
Back, who was quoted by Satoshi Nakamoto in the Bitcoin white paper, recently gave his thoughts on the Bitcoin market crash, urging holders not to panic and buy on the dip. He also noted that Bitcoin’s recent declines were actually shallower than previous bull cycles.
The largest cryptocurrency by market cap is currently trading at $55,536 after plunging to a five-month low of $53,898 earlier in the day.
About the Author
Alex Dovbnia
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has written over 1,000 articles for U.Today, CryptoComes, and other fintech outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. You can contact him at alex.dovbnya@u.today.