US Tycoon Investor "Memecoins are a Fraud with No Substance" Scathing Remarks

▲ Memecoin, crash/ChatGPT generated image

Jason Calacanis, a renowned American venture investor, has labeled the memecoin market a massive fraud. He strongly criticized the token issuance and distribution structure, which he believes relies solely on speculative frenzy without any underlying technological substance.

According to U.Today, a virtual asset specialized media outlet, on September 27 (local time), Calacanis directly called memecoins a "huge scam" via social media. He made it clear that he is not involved in any memecoin projects and will not touch them in the future. Calacanis warned, "I am not involved with any memecoins and never will be," adding, "I will never recommend buying or selling through social media or direct messages (DMs)."

Calacanis has also consistently expressed a skeptical view of Bitcoin (BTC). On September 18, he dismissed Bitcoin's rebound as a dead cat bounce. He pointed out that even after 17 years since its launch, Bitcoin remains unsuitable for daily payments and smart contracts. He criticized its overly complex user experience for general users and noted that public interest has not reached past levels.

In August, he also predicted that Bitcoin would find it difficult to break its all-time high in the short term. Calacanis warned against concentrated investment in Bitcoin, stating, "There are far more valuable assets for individuals and institutions to own." He has also repeatedly responded with mockery towards Michael Saylor, co-founder of Strategy, for his aggressive Bitcoin buying strategy.

Calacanis repeatedly emphasized the risks of high-risk investments. Calacanis advised, "If you cannot afford to lose 100% of your invested money, do not buy memecoins or invest in startups." He stressed the need to be wary of indiscriminate speculative participation by individual investors who cannot bear the risk of losing their entire principal.

Market experts are raising the alarm against speculative frenzies lacking substance. Investors are urged to exercise caution to protect their assets against the extreme price volatility and fraud risks in the memecoin market.

[Article Key Summary]

-Jason Calacanis labeled memecoins as a massive fraud and drew a line, stating he would not get involved in such projects.

-He also criticized Bitcoin (BTC), stating that even after 17 years, it remains unsuitable for payments and smart contracts.

-He warned that if one is not prepared to lose their entire investment, they should avoid investing in memecoins or startups.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*