Summary
- Dave Portnoy, founder of Barstool Sports, defined meme coins as Ponzi schemes and claimed they are unsustainable.
- Portnoy stated that meme coins are a form of gambling and are ultimately unsustainable, but the craze could last for about 4 years.
- Portnoy likened meme coins to a rigged game, where early buyers dominate the market, and winners and losers don't change.
Dave Portnoy, founder of Barstool Sports, claimed that "meme coins are Ponzi schemes."
According to CoinDesk on the 15th (local time), Portnoy attended 'Consensus 2025' held in Toronto, Canada, and said, "Meme coins are a form of gambling," making this statement. Portnoy stated, "Despite the money and memes, the meme coin market is ultimately unsustainable," adding, "The meme coin craze may last for another 4 years, but beyond that, I can't guarantee anything."
Portnoy likened meme coins to a 'rigged game.' He said, "(Meme coins) dominate the market through trading bots and algorithms that know when the core early buyers will exit," adding, "In the meme coin market, winners and losers don't change."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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