Renowned venture capitalist Naval Ravikant opined that Bitcoin (BTC) is the only true L1 in terms of store of value, while alternative blockchains only compete for the best medium of exchange status. Crypto commentators are sure the picture is more nuanced.
Renowned venture capitalist Naval Ravikant opined that Bitcoin (BTC) is the only true L1 in terms of store of value, while alternative blockchains only compete 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.” Therefore, all other blockchains (altcoins) compete to become “medium of exchange” or layer two.
Perhaps Bitcoin is the true L1 (the store of value) and all other chains compete for L2 (the medium of exchange).
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Ravikant shared this shot 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, on-chain dark pool Renegade, predictions platform PolyMarket, DeFi protocol InstaDapp etc.
Additionally, since 2017, it has backed a series of investment rounds for Bitwise, a heavyweight in asset management, operator of a Bitcoin spot ETF, and Ethereum ETF approval applicant.
Vladislav SopovAs Guru-Investingpreviously reported, he criticized the concept of NFTs associated with off-chain content for the lack of demonstrable scarcity.
The Crypto Community Disagrees, Here’s Why
Meanwhile, Ravikant repeatedly emphasized that cryptocurrencies can solve many problems and criticized regulators for their attacks on blockchain.
Bitcoin (BTC) advocates disagreed with Ravikant’s opinion. Former Kraken head of growth Dan Held highlighted that altcoins are just testnets for Bitcoin (BTC), while potential BTC L2s would address all of its problems.
Swan CEO Cory Klippsten is confident that Bitcoin (BTC) will also function as a medium of exchange.
On the contrary, some critics of Bitcoin (BTC) highlighted that most altcoins are just taking baby steps and cannot be compared to the first cryptocurrency.
