The former CTO of Coinbase and general partner at venture capital firm Andreessen Horowitz said in a thread on X that memecoins aren’t wealth creation.
As market mania over memecoins from Donald Trump and the next first lady Melania Trump continues, Balaji Srinivasan has criticized the category as not creating wealth and being a zero-sum game.
As the official memecoin of the second Donald Trump presidency flirts with a market cap of $10 billion, and Melania Trump, the next first lady, launches her own, Balaji Srinivasan, the former CTO of Coinbase, said in aThere is no wealth creation. Every buy order is simply matched by a sell order. And after an initial spike, the price eventually crashes and the last buyers lose everything.“There is no wealth creation. Every buy order is simply matched by a sell order.
“Most should buy assets that retain their value over the long run,” he continued. “It is sometimes possible to add use cases to a memecoin, or to keep it in the headlines to keep its value aloft indefinitely. And we’ve seen examples of that as well.”
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