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Justin Bons, the founder of Cyber Capital, sparked a revolt in the crypto community by labeling memecoin investments as gambling, igniting heated debates and diverse reactions from enthusiasts.
Crypto Community Reacts Strongly to Analyst's Assertion That Memecoin Investments Are Gambling
According to CoinGape, the crypto community members on X have been incensed by Justin Bons' recent comment regarding the correlation between gambling and memecoin investments.
The leading analyst and founder of Cyber Capital believes that individuals who trade memecoins should not be referred to as investors.
Instead, he asserted that they are, at the most, merchants or gamblers. Bons clarified that investors typically engage in fundamental research to provide additional context to his statement. He stated that memecoins are memes by definition, as they lack fundamentals.
Bons advised his disciples to invest in the future from this perspective. Nevertheless, the crypto community responded to his post with various opinions. Podcaster Hotep Jesus reminded the analyst that he was not permitted to alter the definition of terms at his discretion. Bons inquired of the X user whether his recent use of the term "memecoin" about Bitcoin (BTC) on Hotep Jesus's program was why he responded to this post.
“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.
Some X users were further incensed by his assertion that Bitcoin is a memecoin. Another user inquired about the type of asset in which Justin Bons invests. Justin Bons said he allocates his funds to Decentralized Finance (DeFi) and the Layer 1 space. He noted that these are the industry's offshoots that made logic to him.
Ongoing Debate Over Bitcoin's Value Intensifies Amid Memecoin Market Surge
In the interim, many discussions have been regarding the potential risks of Bitcoin and other digital assets. Warren Buffett, a billionaire investor renowned for his biting condemnation of the crypto market and Bitcoin, reiterated his stance on the digital assets market approximately one year ago. Buffett referred to Bitcoin as a "gambling token," asserting that the leading cryptocurrency lacks intrinsic value.
Another group of individuals is convinced that Bitcoin has value to the extent that it is employed as a hedge against inflation. In the past, Anthony Scaramucci of SkyBridge Capital directed anti-crypto entrepreneur Peter Schiff to Bitcoin's ability to surpass inflation in the United States.
Memecoin has also been performing well in the market. Dogwifhat, Shiba Inu, and Dogecoin have all experienced substantial growth in the digital asset market.
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