Crypto trader explains why Middle Eastern billionaire suddenly showed interest in launching meme coin

Cryptocurrency experts highlight how meme coins have become a top concern for Dubai's wealthy, overshadowing traditional financial concerns.

what happened: Self-proclaimed former Wall Street macro trader. magician of sohoaccepted him X Go to account share A surprising encounter with Dubai's richest people highlighted how they are more interested in memes than traditional economic issues. He detailed his interactions with billionaires from Qatar and Kuwait who expressed strong interest in launching his own meme coin despite their large amounts of wealth.

The trader shared an anecdote about a Qatari billionaire who, despite his vast wealth, was asked to teach him how to launch a meme coin. Similarly, a Kuwaiti construction billionaire who had never purchased cryptocurrencies before also expressed his desire to launch a Saudi-focused meme coin.

He believes the biggest misconception lies in the question, “If you're that rich, why would you buy meme coins?” This, he claims, is why people were taught to fade meme coins until they made billions, and then “got hooked.” Wizard advises his followers to stay tuned, as “meme coins are an asset class unto themselves.”

Also read: Dogecoin, Shiba Inu, and who else? How have meme coins evolved since the last Bitcoin halving?

Why it's important: Wizard's observations call into question the notion that meme coins are the domain of the less wealthy. In fact, it has become clear that wealthy people are becoming more actively involved in meme coins, both as investors and creators.

This shift in interest highlights the growing influence of memes and meme coins in the financial world, with discussions about memes and meme coins often overshadowing traditional financial topics at events.

virtual currency trader sonder cipher highlight Beyond some meme coins dogecoin (Code: Doge), Shiba Inu (cipher: SHIB), and pepe (CRYPTO:PEPE) Select what you want to find dogwifat (CRYPTO: WIF) is an example of a meme coin with a unique appeal.

what's next: The impact of memecoins and Bitcoin as an institutional asset class is a topic expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on November 19th.

Read next: Memecoin and Bitcoin rollercoaster: A mania match?

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