Don't Buy Meme Coins, Adam Back Says

Bitcoin Evangelist Adam Back Warns Against Investing in Meme Coins

Cover image via U.Today

Bitcoin advocate Adam Back advises cryptocurrency investors to avoid meme coins, which have become a popular market segment.

Back believes that investors should steer clear of alternative cryptocurrencies as well, emphasizing that Bitcoin remains the only "investment grade" crypto.

The meme coin sector has recently seen a resurgence, fueled by the success of tokens like Pepe (PEPE) and dogwifhat (WIF). Endorsements from celebrities like Iggy Azalea have further fueled speculation.

While former Goldman Sachs analyst Murad Mahmudov suggests focusing exclusively on meme coins (excluding microcaps), Back and other industry leaders remain skeptical. Back's rival Vitalik Buterin has criticized celebrity meme coins for their lack of utility.

No Need to Panic

Back, cited by Satoshi Nakamoto in the Bitcoin whitepaper, has recently weighed in on the Bitcoin market crash. He urges investors to avoid panic and consider buying the dip.

Despite recent declines, Back points out that Bitcoin's current drawdowns are less severe than in previous bullish cycles. Currently, the largest cryptocurrency trades at $55,536 after reaching a five-month low of $53,898 earlier today.