Coinbase CEO Brian Armstrong Explains Why Bitcoin Is A Meme Coin

Coinbase CEO Brian Armstrong has recently shared his take on meme coin while noting that “Bitcoin is somewhat of a memecoin” as per his analysis. Amid the recent meme coin frenzy, including a pump and dump with LIBRA, TST, and BROCCOLI, market analysts have started raising questions about their future potential. However, Armstrong believes that they still hold cultural and technological impact.

Coinbase CEO Says Meme Coins Are Reflection of Tokenized Innovation

Coinbase CEO Brian Armstrong stated that although he doesn’t actively trade meme cryptocurrencies, he acknowledges their cultural and technological impact, drawing parallels between early internet novelties and the evolution of groundbreaking technologies.

“Dogecoin remains a prominent example, and even Bitcoin could be considered a memecoin to some extent,” Armstrong stated. Additionally, he also suggested that memecoins could play a pivotal role in the tokenization of assets such as posts, images, videos, assets, and even identities.

Despite fraudulent and low-quality meme assets in the market, Armstrong advised to have an open-minded approach to this phenomenon. He also believes that other memes could emerge as tools of innovation and value creation over time. Armstorng’s comments come just at a time when Coinbasde has floated its own FROC meme coin.

Undertaking a Free Market Approach

Coinbase maintains its stance as a trusted platform, adopting a free-market approach to memecoins. Armstrong outlined the company’s strategy: enable access to legal tokens while providing robust information to help users make informed decisions. “If customers want it, and it’s legal, they should have the choice,” Armstrong explained.

He also said that the exchange won’t entertain outright scams while also addressing insider trading activities. “This is illegal, and you will go to prison. Don’t try to get rich quick; instead, focus on creating real, lasting value,” he said.

Looking ahead, Armstrong envisions memecoins playing a role in empowering creators, tracking trends, and potentially driving adoption of blockchain technology. He called on the community to purge bad actors, uplift genuine builders, and focus on delivering value-driven products to bring the next billion users on-chain.

The recent pump and dump activities around the TST token and BROCCOLI tokens have raised market concerns with Binance founder Changpeng Zhao (CZ) willing to compensate the victims.

Armstrong on Crypto Regulations

Congress is advancing efforts to establish new regulations for the digital assets industry. Coinbase CEO Brian Armstrong has voiced his support, describing the initiative as essential for protecting Americans’ economic freedoms.

Armstrong also underscored the urgency for Congress to implement clear crypto regulations for Bitcoin and the overall industry. He also reiterated his belief that crypto networks could eventually power 10% of global GDP, provided there is a supportive policy framework in place.