Venture Capitalist Naval Ravikant Declares Bitcoin as the Only True L1 for Value Storage
Famed venture capitalist Naval Ravikant has asserted that Bitcoin (BTC) stands as the only true Layer 1 (L1) blockchain in terms of value storage, while alternative blockchains compete merely as mediums of exchange. However, the cryptocurrency community believes the situation is more nuanced.
Naval Ravikant Calls Bitcoin the True Store of Value
Naval Ravikant, the renowned investor and founder of AngelList, took to Twitter to label Bitcoin (BTC) as the “true Layer 1” and the “real store of value.” He suggested that all other blockchains (altcoins) are vying to become the “medium of exchange” or Layer 2 solutions.
Ravikant shared this perspective with his 2.3 million followers on June 21, 2024.
A legend in Silicon Valley, Ravikant is an investor in several cryptocurrency projects, including the L1 blockchain Chia (XCH), Mina Protocol (MINA), EVM L2 Monad, on-chain dark pool Renegade, prediction platform PolyMarket, and DeFi protocol InstaDapp, among others.
Since 2017, he has also backed numerous investment rounds for Bitwise, a heavyweight in asset management and the operator of a Bitcoin spot ETF.
As previously covered by U.Today, Ravikant has criticized the concept of NFTs tied to off-chain content for lacking provable scarcity.
The Crypto Community Disagrees
Meanwhile, Ravikant has consistently highlighted that cryptocurrencies can solve many issues and has criticized regulators for their attacks on blockchain technology.
Read more Bitcoin’s On-Chain Activity: A Potential Indicator of Market Sentiment
Bitcoin (BTC) supporters have diverged from Ravikant’s view. Dan Held, former head of growth at Kraken, emphasized that altcoins are merely test networks for Bitcoin (BTC), while potential BTC L2 solutions will address all its issues. Swan CEO Cory Klippsten is confident that Bitcoin (BTC) will also function as a medium of exchange.
Conversely, some Bitcoin (BTC) critics noted that the majority of altcoins are making incremental advances and cannot be compared to the first cryptocurrency.
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