Dogecoin X Account Disputes Bitcoin Classification

The official Dogecoin X account has tweeted in response to an article published by the Bitcoin Policy Institute X handle, which claims that Bitcoin is not a meme coin.

Bitcoin's Dual Nature

The article, written by an assistant professor of philosophy at Northern Illinois University, categorizes Bitcoin as a distinct entity, separate from Layer 1, Layer 2, XRP, DeFi, and memecoins. It highlights Bitcoin's status as the "oldest, most secure, and most trustworthy," emphasizing its appeal as a safe haven asset. However, the author also acknowledges that Bitcoin, like other cryptocurrencies, "has no CEO, no board, and no foundation."

Coinbase CEO's Assessment

Coinbase CEO Brian Armstrong has previously commented on Bitcoin's meme coin status, describing it as "somewhat of a meme coin." Armstrong also expressed criticism of meme coins, suggesting that their proliferation has reached excessive levels.

Dogecoin's Perspective

The Dogecoin team takes issue with the blanket denial of Bitcoin's meme coin designation. They point to the "laser eyes" phenomenon on Twitter in 2020, where Bitcoin enthusiasts displayed a fanatical anticipation for the cryptocurrency's rise to $100,000.

Conclusion

The ongoing debate over Bitcoin's classification as a meme coin reflects the complex and evolving nature of the cryptocurrency landscape. While Bitcoin maintains its position as a pillar of the industry, its cultural impact and community engagement continue to shape its perception.