Coinbase (COIN) CEO Brian Armstrong threw an unexpected perspective into the crypto conversation, arguing that even Bitcoin is “somewhat a meme coin.” His reasoning? Bitcoin’s value isn’t solely built on technology or utility—it’s driven by a powerful community narrative, much like meme coins. He pointed out that, at its core, Bitcoin has no central authority backing it, no earnings reports, and no direct utility beyond what people ascribe to it. “Bitcoin is valuable because we all believe it is,” Armstrong suggested, drawing a parallel to how meme coins generate value through cultural relevance.
Discover the Best Stocks and Maximize Your Portfolio:
His remarks come as the meme coin market faces turmoil following the collapse of LIBRA, a $4 billion pump-and-dump scheme. According to CoinMarketCap, the sector has bled $42 billion in the past month.
