- Armstrong went on to argue that the newly emerging technologies seem like toys but develop into strong tools with the passing of time.
- Armstrong also mentioned that the thin line between a low-quality project and a complete scam is not clear.
- He also stopped his words by saying that make a long-term mindset and make something that people would need.
Memecoins are always kept and classified as a separate class of their own from the last few years. A significant surge in the price in not that long time, integrated with the increased popularity over the internet, creates hype in the crypto industry.
However, the majority of them do not sustain for a long time as they have no real-time use case or strong fundamentals. The chief executive officer of Coinbase, Brian Armstrong commented his thoughts on memecoin over a social media platform, X.
New emerging technologies are toys
Firstly, the CEO made this clear that he is not a memecoin trader and accepted that the memecoins have accumulated a lot of popularity in the current scenario. The previous Chief Executive Officer of Binance, Chanpeng Zhao has also shown his disinterest in memecoins many times.
Coinbase’s CEO further went on to mention that Bitcoin is a kind of a memecoin. He also went on to argue that the newly emerging technologies seem like toys but develop into strong tools with the passing of time. He also gave reference to the early internet era to support his statement.
Armstrong also threw light on insider trading and asserted that some memecoins even witnessed insider trading. He further added that “this is not legal and people should have this understanding that they can go to jail for this.
Do not try to break the law and do not get captivated by getting rich quickly. You should get rich by giving contributions to real lasting value to society.” The CEO also emphasized that his exchange is different from any other platform as it is the most reliable and easy to use.
He highlighted his trust in free market capitalism and asserted if a token is legal and consumers are interested in trading it, the Coinbase exchange will give details to make their own choice.
Be careful about the thin line
Armstrong also mentioned that the thin line between a low-quality project and a complete scam is not clear.
Also, traders should be careful while dealing with it. In his belief, the sole way to onboard the next billion users on the chain is by making products and services for people. Coinbase’s CEO did not fully kick out memecoins and mentioned that it is too early to talk about the real value they could offer.
At the same time, Castle Island Ventures partner Nic Carter recently shared that the era of memecoins is certainly over. He also stopped his words by saying that make a long-term mindset and make something that people would need.
