Jason Calacanis Slams Meme Coins as 'Giant Scam'

Investor and tech entrepreneur Jason Calacanis has stated that meme coins are a "giant scam."Calacanis said he is not involved in any meme coin projects and intends to keep it that way."I have nothing to do with any meme coins and never will," he wrote in a recent social media post.He also warned that he would never privately approach anyone with investment instructions."For the truly gullible, I will obviously never ask you to buy, sell or trade anything — especially on social media or via DM," he said.A persistent Bitcoin skeptic Despite describing himself as a fan of Bitcoin, Calacanis has recently adopted a distinctly skeptical tone toward the world’s largest cryptocurrency.On Sept. 18, he described Bitcoin’s price recovery as a "dead cat" bounce while questioning the cryptocurrency’s relevance 17 years after its launch.Calacanis argued that Bitcoin is still poorly suited for everyday transactions and smart contracts, while its user experience remains intimidating for mainstream users. He also claimed that the cryptocurrency is no longer capturing public attention in the way it once did.The comments followed an even more bearish post on Aug. 22, when Calacanis said he believed a previous Bitcoin rally was a dead-cat bounce and predicted that the cryptocurrency would not reach a new all-time high anytime soon."There are more valuable things for individuals and institutions to own IMO," he wrote at the time.His criticism has not stopped him from commenting enthusiastically on Bitcoin’s short-term moves. On the same day, he later posted a simple “BITCOIN!” as the cryptocurrency moved higher.Calacanis has also repeatedly poked fun at Strategy co-founder Michael Saylor, one of Bitcoin’s most prominent corporate advocates. In August, he jokingly asked followers to “check on Saylor” during a period of Bitcoin weakness.Long-running meme coin criticismHe argued that people should not buy meme coins—or invest in startups—unless they are financially prepared to lose their entire investment."Don’t buy meme coins or invest in startups if you can’t afford to lose 100% of the money you put down," he wrote.At the same time, his past remarks have been somewhat more nuanced than his latest “giant scam” characterization.