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

Some brief context: Bitcoin broke out from support at the $92,500 and $93,000 levels earlier this month. In the year On Wednesday, January 15, the world's first cryptocurrency flew above $100,000 for the fourth time since December.

At this point, BTC is likely to hold above medium-term support for the $100,000 mark. Strong whale movements in the old Satoshi blockchain assets and strong network activity are signs that the rally will continue.

Peter Schiff questions the value of Bitcoin

Meanwhile, Peter Schiff, founder and chief global strategist at Euro Pacific Capital, issued a note on X this week to remind readers that “Bitcoin is a meme coin.” But is that true? And if so, does that mean Gold is nothing more than “meme rock,” as one festival answer says?

Remember, Bitcoin is a meme coin.

— Peter Schiff (@PeterSchiff) January 21, 2025

Meme Coins are cryptographic currencies that feature memes that are cryptographically secure from the public and automated blockchain currency. In a 2022 article, the New York Times defined memes as “a medium intended to convey cultural, social, or political expression primarily through humor.”

For example, supporters of President Donald Trump recently coined the TRUMP meme against Solana. January 21st, the day of the inauguration of the incoming president, was the top trending meme coin in the cryptoverse.

Is BTC a meme coin?

So, is Bitcoin a meme coin?

According to Coinbase, meme coins are “currencies often inspired by internet memes or trends. But in the year The 2008 financial crisis inspired Bitcoin, not a meme or an online fad.

According to Bankrate, “A meme coin is a cryptocurrency that draws its inspiration from internet memes, characters or trends. However, Bitcoin draws its inspiration from cryptography and P2P networks for distributed databases.

According to Investopedia, “Meme coin is a cryptocurrency named after characters, personalities, animals, works of art or other objects to attract its user base by promising a humorous, light-hearted and fun community.

Meanwhile, Bitcoin is not a derivative of any character, individual or artwork. It is original and one-of-a-kind, just like every digital serial and preserved coin bit on the network.

So, it looks like Peter Schiff is doing a lot of Peter Schiff things.