Beyond the Buzz: Debunking the Myth of Meme Coins

A little background: Bitcoin soared from hints of support at the $92,500 and $93,000 thresholds earlier this month. On Wednesday, January 15th, the inaugural cryptocurrency surpassed $100,000 in daily spot prices for the fourth occasion since December.

This time, BTC could potentially remain above the medium-term support at the $100,000 level. Significant movements by whales in the ancient Satoshi blockchain’s assets and strong network engagement are indicative signs for the rally to persist.

Peter Schiff Challenges Bitcoin’s Worth

In the meantime, EuroPacific Capital’s founder and chief global strategist Peter Schiff shared a message on X this week to remind followers that “Bitcoin is a meme coin.” But is that accurate? And if it is, does that imply gold is merely a “meme rock,” as one spirited reply suggested?

Keep in mind, Bitcoin is a meme coin.

— Peter Schiff (@PeterSchiff) January 21, 2025

Meme coins are cryptocurrencies that incorporate a meme with a public and automated blockchain currency upheld by cryptographic security. In a 2022 piece, the New York Times characterized memes as “a piece of media that is repurposed to convey cultural, social, or political expression, primarily through humor.”

For instance, supporters of President Donald Trump recently introduced a TRUMP meme coin on Solana. On January 21, coinciding with the new president’s inauguration, it was the leading trending meme coin in the cryptoverse.

Is BTC a Meme Coin?

So, does that make Bitcoin a meme coin?

As per Coinbase, meme coins “are cryptocurrencies frequently inspired by online memes or fads.” However, the financial crisis of 2008 motivated Bitcoin, not a meme or digital trend.

According to Bankrate, “A meme coin is a sort of cryptocurrency that derives its inspiration from internet memes, characters, or trends.” Yet, Bitcoin is inspired by cryptography and P2P networks for decentralized databases.

Investopedia states that “A meme coin is a cryptocurrency named after characters, individuals, animals, artwork, or anything else in an effort to be humorous, light-hearted, and attract a user base by promising a fun community.”

On the contrary, Bitcoin does not stem from any character, individual, or artwork. It is unique and unparalleled, similar to every digitally serialized and safeguarded bit of coin on its blockchain.

Thus, it appears that Peter Schiff is simply continuing with his usual antics.