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Don’t buy meme coins, says Adam Back
Alex Dovbnya
You should stay away from meme cryptocurrencies, according to Crypto OG quoted in Bitcoin whitepaper
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Bitcoin evangelist Adam Back has warned Cryptocurrency investors are not betting on meme coins, which have emerged as a bull market sector.
Back also claims that market participants should stay away from other alternative cryptocurrencies as well. The co-founder of blockchain technology firm Blockstream is convinced that Bitcoin is the only “investment-grade” crypto.
The meme coin sector has recently experienced a renaissance due to success stories like Pepe (PEPE) and dogwifhat (WIF). Several celebrity meme coins from influencers like Iggy Azalea have further fueled the speculative fervor.
As reported by U.TodayFormer Goldman Sachs analyst Murad Mahmudov recently opined that market participants should focus exclusively on meme coins, but he recommended avoiding microcaps.
In March, Joe Weisenthal, co-host of Bloomberg’s “Odd Lots” podcast, attempted to explain the success of meme cryptocurrencies by arguing that they satisfy demand for “extremely asymmetric bets.”
Still, there are some prominent industry names who oppose the speculative frenzy of meme coins. For example, Back’s nemesis Vitalik Buterin also criticized celebrity meme coins due to their lack of utility and interesting mechanics.
No need to panic
Back, who was quoted by Satoshi Nakamoto in the Bitcoin whitepaper, recently weighed in on the Bitcoin market crash, urging holders not to panic and buy the dip. He also noted that Bitcoin’s recent dips have actually been shallower compared to previous bull cycles.
The largest cryptocurrency by market cap is currently trading at $55,536 after falling to a five-month low of $53,898 earlier today.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to the burgeoning industry — from price analysis to blockchain disruption. Alex has authored over 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.