Justin Bons, the founder and Chief Investment Officer of Cyber Capital, Europe’s oldest cryptocurrency fund, sparked a debate by labeling Bitcoin as a meme coin. This controversial statement was made on Twitter, where Bons is known for his outspoken opinions.
Bitcoin’s Alleged Lack of Substance
Bons argues that Bitcoin shares characteristics with meme coins, such as a lack of meaningful purpose or substantial benefit. He also criticizes Bitcoin’s scalability, highlighting its limited transaction capacity of only 7 transactions per second (TPS).
Furthermore, Bons questions the programmability of Bitcoin, suggesting that it offers no real advantage in this area. These critiques are not new from Bons, who has previously shared similar views in his writings.
The term ‘meme coin’ gained prominence with the rise of Dogecoin, which originated from an internet meme. Meme coins are often characterized by their humorous nature and can be seen as a critique of the cryptocurrency market or as a means to make the market more accessible.
Despite skepticism, meme coins like Dogecoin have garnered significant market value and social currency status, supported by strong communities. Following Dogecoin’s success, other meme coins have also gained attention, riding on the waves of social media buzz and market speculation.