There is no digital asset that will ever replace Bitcoin. It is one of a kind, and ANY comparisons are misguided. That said, it’s fascinating from a psychological standpoint what’s going on with memecoins. You’ve got nearly 10 memecoins with a billion dollar market cap. How can this be?? “It makes no sense!” says the tradfi guru. Legacy finance worships “fundamentals.” P/Es, book value, cash flow, etc as hallmarks of “intrinsic value.” But intrinsic value was always just a narrative to convince you to buy or sell! There are dozens of publicly traded stocks that trade at nose bleed valuations (far above any alleged intrinsic value) and have done so for a decade. And analysts always keep getting it wrong by telling you “stocks are expensive!” But if valuation is inherently subjective, there is NO REASON stocks should trade at some mythical equilibrium! They trade where belief, narrative demand, and liquidity meet. Bitcoin proved to offer the best performing asset of the decade WITHOUT cash flow. Now enter memecoins; assets that abandon the pretext of “fundamentals.” They don’t pretend to be a “better bitcoin” or incredible tech. They openly promise to be nothing more than an idea. Literally, hot air (see e.g. Fartcoin). A collective hallucination you can trade. I’ve long believed asset value is becoming untethered from fundamentals due to the actions of the central planners. We see more examples of this each day. TSLA/NVDA/GME/PLTR = cult equity. BTC = intangible asset backed by real world proof-of-work Memecoins like SPX6900 are the first to declare value as pure subjective consensus. They make perfect sense in this moment where valuation = virality and belief IS the collateral. A time when belief itself has become the rarest commodity.