Another Meme Coin Disaster—Another False Narrative

Friends and associates,

The recent Trump meme coins, the Javier Milei meme coin disaster, and the Bybit hack have—predictably—resurfaced the tired old narrative that crypto is primarily a tool for illicit activity.

I broke this down in my latest conversation with Ciaran Ryan on the moneyweb Crypto podcast, and the data tells a different story. Illicit activity in crypto is actually incredibly low—just 0.14% of total on-chain transaction volume in 2024, according to Chainalysis.

The reality is simple: Bitcoin and cryptocurrencies are neutral protocols, just like the internet. Anyone can use them, and that’s what makes them so powerful. Remember when critics dismissed the internet as nothing more than a hub for piracy and pornography? That narrative didn’t age well, and neither will this one.

What’s frustrating about these false claims is that they obscure Bitcoin’s real-world impact. Instead of focusing on meme coins and hacks, people should be looking at how Bitcoin is empowering individuals and enhancing financial freedom worldwide. Take Bitcoin Ekasi in Mossel Bay or Bitcoin Beach in El Salvador—just two of many examples proving its positive use case.

The mainstream narrative will catch up eventually. Until then, we need to keep setting the record straight.

Give the episode a listen and let me know what you think: Are these narratives shifting public perception? Are they a real threat to Bitcoin adoption? Let’s discuss.

Rob Price, CFA

_{The information contained or attached herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. This presentation may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. This email is for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy, any security, product, service of Sound Money LLC as well as Sound Money Capital LP and Sound Money Capital (BVI), whether an existing or contemplated fund, for which an offer can be made only by such fund’s Confidential Private Placement Memorandum and in compliance with applicable law. Past performance is not indicative nor a guarantee of future returns. Please consult your own independent advisors. All information is intended only for the named recipient(s) above and is covered by the Electronic Communications Privacy Act 18 U.S.C. Section 2510-2521. This email is confidential and may contain information that is privileged or exempt from disclosure under applicable law. If you have received this message in error please immediately notify the sender by return email and delete this email message from your computer. Copyright 2024 Sound Money LLC. All Rights Reserved.}

_{NOT INVESTMENT ADVICE; FOR INFORMATION ONLY}

_{PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS}