Brian Armstrong: Bitcoin (BTC) Can Be Considered a Meme Coin, in Some Sense

Brian Armstrong, CEO of U.S. crypto exchange Coinbase, suggests that Bitcoin (BTC), in some sense, can be considered a meme coin.

Coinbase CEO Brian Armstrong has suggested that Bitcoin (BTC) could be considered a meme coin in some ways. In a post on X on Wednesday, Armstrong acknowledged the rise of meme coins and pointed out that they're not a new phenomenon in the crypto space.

According to Armstrong, meme coins have been around since the early days of crypto, with Dogecoin (DOGE) being a prime example. He went on to say that Bitcoin, in some sense, could also be considered a meme coin, as it was initially created as a joke.

Armstrong's reasoning is that Bitcoin, like meme coins, derives its value from collective belief rather than having an intrinsic value. He also noted that some people might even consider the U.S. dollar a meme coin, given that it was disconnected from gold. However, despite this, the dollar has remained valuable because people still believe in it and use it for international settlements.

The Coinbase CEO also highlighted that while many might dismiss meme coins, they could play a significant role in Armstrong noted that while many may think less of meme coins, they could play a significant role in tokenizing everything on the blockchain, ranging from media content to contracts. Instead of considering meme coins silly, he advised people to keep an open mind about their potential use cases.

Moreover, Armstrong acknowledged how some meme coins have gone too far, with bad actors using them for insider trading. He stressed the need to purge illicit actors within the meme coin space and encourage legitimate developers who are building lasting value.

“We want to onboard the next billion users on-chain. The only way to do this is by building products and services that people want,” Armstrong remarked.

Coinbase's Approach to Meme Coins

Armstrong also provided some insight into how Coinbase decides which meme coins to list on its platform. He stated that Coinbase's core philosophy is 'free market capitalism,' which means that the exchange provides users with access to tokens that are legal and in high demand.

However, Coinbase does try to differentiate between fraudulent and low-quality meme coins. While any meme coin that is found to be fraudulent will be delisted from Coinbase, the exchange will still allow low-quality tokens to be available on the platform. In such cases, Coinbase relies on community feedback to decide whether to continue offering those tokens for trading.

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