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Early Twitter investor Naval Ravikant calls Bitcoin (BTC) the 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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Prominent venture capitalist Naval Ravikant believes that Bitcoin (BTC) is the only true L1 in terms of store of value, while alternative blockchains only compete for the status of the best medium of exchange. Crypto commentators are sure the picture is more nuanced.
Naval Ravikant calls Bitcoin (BTC) the true store of value
Naval Ravikant, iconic venture capital investor and founder of AngelList, took to Twitter to call Bitcoin (BTC) the true “Layer One” and “Store of Value.” All other blockchains (altcoins) are therefore competing to become a “medium of exchange” or layer two.
Ravikant shared this photo with his 2.3 million followers yesterday, June 21, 2024.
The Silicon Valley legend is an investor in numerous cryptocurrency projects, including the L1 Chia (XCH) and Mina Protocol (MINA) blockchains, L2 Monad EVM, the Renegade on-chain dark pool, the PolyMarket prediction platform, the DeFi InstaDapp and so on.
Additionally, since 2017, he has supported a number of investment rounds for Bitwise, an asset management heavyweight, operator of a spot Bitcoin ETF and applicant Ethereum ETF approved.
As previously explained by U.Today, he was criticizing the concept of NFTs associated with off-chain content for lacking demonstrable scarcity.
The crypto community doesn’t agree, here’s why
Meanwhile, Ravikant has repeatedly stressed that cryptocurrency can solve many problems and criticized regulators for their attacks on blockchain.
Bitcoin (BTC) supporters disagree with Ravikant on his opinion. Dan Held, former head of growth at Kraken, pointed out that altcoins are just testnets for Bitcoin (BTC), while potential BTC L2s would solve all their problems.
Swan CEO Cory Klippsten is confident that Bitcoin (BTC) will also work as a medium of exchange.
In contrast, some critics of Bitcoin (BTC) have pointed out that most altcoins are only taking baby steps and cannot be compared to the first cryptocurrency.
About the author
Vladislav Sopov
Blockchain analyst and writer with scientific background. 6+ years in IT analytics, 3+ years in blockchain.
He has worked in independent analyzes and start-ups (Swap.online, Monoreto, Attic Lab etc.)