Bitcoin
Twitter’s first investor Naval Ravikant calls Bitcoin (BTC) a true store of value
Vladislav Sopov
The Silicon Valley legend explains what the role of Bitcoin (BTC) is and how altcoins can compete with it
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Renowned venture capitalist Naval Ravikant has opined that Bitcoin (BTC) is the only true L1 in terms of a store of value, while alternative blockchains are only competing for the best medium of exchange status. Crypto commentators are sure the picture is more nuanced.
Naval Ravikant calls Bitcoin (BTC) a true store of value
Iconic venture capitalist and AngelList founder Naval Ravikant took to Twitter to call Bitcoin (BTC) the true “Layer One” and “Store of Value.” All other blockchains (altcoins) are therefore competing to become “Medium of Exchange”, or Layer Two.
Ravikant shared this opinion with his 2.3 million followers yesterday, June 21, 2024.
The Silicon Valley legend is an investor in several cryptocurrency projects, including blockchains L1 Chia (XCH) and Mina Protocol (MINA), EVM L2 Monad, dark pool Renegade on-chain, prediction platform PolyMarket, DeFi protocol InstaDapp and so on. against.
Additionally, since 2017, he has backed a series of investment rounds for Bitwise, an asset management heavyweight, operator of a spot Bitcoin ETF, and candidate for Ethereum ETF Approval.
As previously covered by U.Today, he criticized the concept of NFTs tied to off-chain content for a lack of verifiable scarcity.
The Crypto Community Disagrees, Here’s Why
Meanwhile, Ravikant has repeatedly emphasized that cryptocurrency can solve many problems and criticized regulators for their attacks on blockchain.
Bitcoin (BTC) proponents disagreed with Ravikant on his opinion. Kraken’s former head of growth, Dan Held, highlighted that altcoins are just testnets for Bitcoin (BTC), while the potential BTC L2 would solve all its problems.
Swan CEO Cory Klippsten is confident that Bitcoin (BTC) will also function as a medium of exchange.
On the other hand, some critics of Bitcoin (BTC) highlighted that most altcoins are just taking small steps and cannot be compared to the first cryptocurrency.
About the author
Vladislav Sopov
Blockchain analyst and writer with a scientific background. More than 6 years in IT analysis, more than 3 years in blockchain.
He worked on independent analyzes and also on start-ups (Swap.online, Monoreto, Attic Lab, etc.)