“It’s just a meme coin” – fact or fiction?

Some brief context: Bitcoin broke out of support at the $92,500 and $93,000 levels earlier this month. On Wednesday, January 15, the world’s first cryptocurrency surpassed $100,000 at daily spot prices for the fourth time since December.

This time, Bitcoin may remain above the medium-term support level at $100,000. Strong whale movements in legacy Satoshi blockchain assets and strong network activity are signals for a continued rally.

Peter Schiff questions the value of Bitcoin

Meanwhile, EuroPacific Capital founder and global chief strategist Peter Schiff posted a note on X this week reminding readers that “Bitcoin is a meme currency.” But is this true? If so, does this mean that gold is nothing more than a “rock meme,” as one bitchy response put it?

Remember that Bitcoin is a meme currency.

– Peter Schiff (@PeterSchiff) January 21, 2025

Meme coins are cryptocurrencies that contain a meme with a public, automated blockchain maintained by cryptographic security. In an article published by the New York Times in 2022 Specific memes As “a piece of media that is repurposed to provide cultural, social or political expression, mainly through humour.”

For example, supporters of President Donald Trump recently launched a Trump meme at Solana. On January 21, the inauguration day of the next president, this coin was the most popular meme in the world of cryptocurrencies.

Is BTC a meme currency?

So, is Bitcoin a meme currency?

According to According to Coinbase, meme coins “are cryptocurrencies that are often inspired by memes or trends on the internet.” But the financial crisis of 2008 inspired Bitcoin, and not just memes or internet fads.

According to To Bankrate, “A meme coin is a type of cryptocurrency that draws inspiration from memes, personalities, or trends on the Internet.” However, Bitcoin draws its inspiration from cryptographic networks and P2P networks of distributed databases.

According to According to Investopedia, “A meme is a cryptocurrency named after characters, individuals, animals, artwork, or something else in an attempt to be humorous and light-hearted and attract a user base by promising a fun community.”

At the same time, Bitcoin is not derived from any personality, individual or work of art. It is authentic and unique, just like every piece of cryptocurrency blockchained and protected on its network.

So, it seems as if Peter Schiff is doing more things than Peter Schiff.