Peter Schiff on Bitcoin: ‘It’s just a meme currency’: fact or fiction?

A brief background: Bitcoin broke out after looks 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 in daily spot prices for the fourth time since December.

This time, BTC may hold above the medium-term support of the $100,000 mark. Strong whale moves in former Satoshi blockchain assets and robust network activity are omens that the rally will continue.

Peter Schiff questions the value of Bitcoin

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

Remember, Bitcoin is a meme currency.

—Peter Schiff (@PeterSchiff) January 21, 2025

Meme coins are cryptocurrencies that feature a meme with a public, automated blockchain currency maintained by cryptographic security. In a 2022 article, the New York Times defined memes as “a means of communication reused to offer cultural, social or political expression, primarily through humor.”

For example, supporters of President Donald Trump recently released a TRUMP meme coin on Solana. On January 21, the day of the incoming president’s inauguration, it was the top trending meme coin in the cryptoverse.

Is BTC a meme currency?

So, is Bitcoin a meme currency?

According For Coinbase, meme coins “are cryptocurrencies often inspired by memes or Internet trends.” But the 2008 financial crisis inspired Bitcoin, not a meme or an online fad.

According For Bankrate, “A meme coin is a type of cryptocurrency that is inspired by Internet memes, characters, or trends.” However, Bitcoin draws inspiration from cryptography and P2P networks for distributed databases.

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

Meanwhile, Bitcoin is not derived from any character, individual, or work of art. It is original and one of a kind, like every serialized and digitally protected coin on its network.

So it seems like Peter Schiff is just doing more Peter Schiff stuff.