Coinbase CEO Brian Armstrong recently opined that Bitcoin, the original cryptocurrency, is “somewhat of a memecoin.”
The comment, which seemingly implies that Bitcoin has no intrinsic value,
“You have lost your way while creating a casino,” CoinCorner CEO Danny Scott said.
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Armstrong, who used to be skeptical of altcoins during the early stages of his company’s development, has since shifted his focus away from the largest cryptocurrency, routinely attracting criticism from maximalist voices within the community.
Memecoins have gone too far
Armstrong, while weighing in the growing popularity of memecoins, has also stated that they have gone “too far.”
“Some memecoins have clearly gone too far lately, to the extent people are insider trading. This is illegal, and people should understand that you will go to prison for this,” he said.
Armstrong has called for purging “bad actors” while helping those who are trying to create products with lasting value.
The Coinbase boss has predicted that memecoins will eventually “evolve” to help artists.
He has stressed that industry participants should be “open-minded” about where memecoins are going.
As reported by U.Today, Armstrong also recently announced that the American exchange giant would also rethink its token listing policies.