Meme coins may seem frivolous now, but their evolution could reshape crypto, Coinbase’s CEO said, warning against scams while urging openness to their potential impact.
Coinbase CEO Brian Armstrong: ‘We Should Be Open Minded About Where Memecoins Are Going’
Coinbase CEO Brian Armstrong has shared his thoughts on meme coins, recognizing their significance in the crypto space. In a post on social media platform X on Feb. 19, Armstrong explained: “I am personally not a memecoin trader (beyond a few test trades), but they’ve become hugely popular. Arguably, they’ve been with us since the beginning – dogecoin is still one of the most popular coins. Even bitcoin is somewhat of a memecoin (one could argue so is the U.S. dollar, once it was disconnected from gold).”
The executive likened meme coins to early internet trends that seemed trivial but later developed into something more significant. While some meme coins may appear “silly, offensive, or even fraudulent today,” Armstrong emphasized the importance of staying open to their potential evolution.
Discussing Coinbase’s approach, Armstrong reiterated the company’s commitment to free-market principles, ensuring customers have access to meme coins as long as they are legal. While he stressed that Coinbase does not endorse specific investments, he warned against scams and fraudulent tokens. He also raised concerns about insider trading within the memecoin space, cautioning that “this is illegal, and people should understand that you will go to prison for this.” He criticized the short-term “get rich quick” mentality that emerges during every crypto cycle, urging people to focus on long-term contributions to society rather than engaging in unethical behavior.
Looking ahead, Armstrong called for accountability and innovation in the crypto space. The Coinbase boss stressed: We should purge the bad actors and lift up the people trying to build lasting value. We want to bring the next billion users onchain, and the only way to do this is to build products and services which people want.
Despite the uncertainties surrounding memecoins, Armstrong acknowledged their potential, saying: “Memecoins have a role to play here, and I think will evolve to help artists get paid, track trends, or who knows what – it’s too early to say, but we should keep exploring.” He emphasized that building sustainable, valuable products is the key to long-term success in the crypto industry.