[X early investor Naval Ravikant calls Bitcoin a true store of value]
Renowned venture capitalist Naval Ravikant believes that Bitcoin (BTC) is the only true first-layer (L1) store of value, while other blockchains are merely competing for the status of the best medium of exchange. Crypto critics say the situation is more complicated.
Naval Ravikant, a well-known venture capitalist and founder of AngelList, said on Twitter that Bitcoin (BTC) is the true "first layer" and "store of value." Therefore, every other blockchain (altcoin) is vying to become a “medium of exchange” or layer 2 (L2).
Ravikant shared this sentiment with his 2.3 million followers on June 21, 2024.
The Silicon Valley legend is an investor in multiple cryptocurrency projects, including L1 blockchains Chia (XCH) and Mina Protocol (MINA), EVM L2 Monad, on-chain dark pool Renegade, prediction platform PolyMarket, DeFi protocol InstaDapp, etc.
Additionally, since 2017, he has participated in multiple investment rounds in Bitwise, an asset management giant that operates a spot Bitcoin ETF and applied for Ethereum ETF approval.
At the same time, Ravikant has repeatedly emphasized that cryptocurrencies can solve many problems and slammed regulators’ attacks on blockchain.
Bitcoin (BTC) supporters disagree with Ravikant’s sentiments. Former Kraken head of growth Dan Held emphasized that altcoins are just testnets for Bitcoin (BTC) and that a potential BTC L2 will solve all these problems.
Swan CEO Cory Klippsten is convinced that Bitcoin (BTC) will also play a role as a medium of exchange.
Conversely, some Bitcoin (BTC) critics point out that most altcoins are still in their infancy and cannot compare to the number one cryptocurrency.
