Community Revolts As Top Analyst Labels Memecoin Investments Gambling

Justin Bons has enraged the crypto community members on X with his recent comment about the relationship of memecoin investments with gambling.

Bons Calls Bitcoin a Memecoin 

The top analyst and founder of Cyber Capital do not think that people who trade memecoins should be referred to as investors.

Rather, he stated that they belong to the category of gamblers or traders at best. For more context to his statement, Bons explained that investors are usually involved in researching fundamentals. He noted that by definition, memecoins lack fundamentals, stating this is what makes them memes in the first place.

Trade meme coins all you want, but do not call yourself an investor

You are a gambler or trader at best; investors, on the other hand, research the fundamentals!

Meme coins, by definition, lack fundamentals; otherwise, they would not be meme coins

Invest in the future instead!

— Justin Bons (@Justin_Bons) June 16, 2024

With this standpoint, Bons advised his followers to invest in the future. His post, however, sparked mixed reaction from the crypto community. Podcaster Hotep Jesus reminded the analyst that he could not change the definition of words whenever he seems fit. In response to this post, Bons asked the X user if it was because he recently referred to Bitcoin (BTC) as memecoin on Hotep Jesus’s show.

“That would be consistent with my perspective, as I do not invest in BTC, nor do I think it has good fundamentals,” the Cyber Capital founder stated.

His reiteration that Bitcoin is a memecoin further angered some X users. Another user asked Justin Bons the kind of asset he invests in. In response, Justin Bons said he puts his funds into the Layer 1 space as well as in Decentralized Finance (DeFi). He mentioned that these are the offshoots of the industry that made any sense to him.

Dissenting Views of Bitcoin and Meme Assets

Meanwhile, talks about Bitcoin or any other digital assets being a gamble has been rampant in recent times. About a year ago, billionaire investor Warren Buffett, who is known for his sharp criticism of Bitcoin and the crypto market, reiterated his views on the digital assets market. Buffett tagged Bitcoin a ‘gambling token’, citing that the top cryptocurrency doesn’t have any intrinsic value.

There is another group of individuals who believe firmly that Bitcoin has value, even to the point of being used as an hedge against inflation.  Anthony Scaramucci from SkyBridge Capital once pointed anti-crypto entrepreneur Peter Schiff to Bitcoin’s capacity over inflation in the United States. 

Memecoin have equally been performing well in the market. Some like Dogwifhat, Shiba Inu and Dogecoin have gained a significant percentage of the digital asset market.

Read More: Ethereum Price Hints Major Reversal as Whales Buy 700,000 ETH Amid Market Dip

The post Community Revolts As Top Analyst Labels Memecoin Investments Gambling appeared first on CoinGape.