As a researcher with a background in blockchain technology and cryptocurrencies, I have closely followed Naval Ravikant’s recent opinion on Bitcoin (BTC) being the true L1 or store of value while altcoins are competing for medium of exchange status. While I respect Ravikant’s vast experience in venture capital and his involvement in the crypto industry, I believe that this perspective may be too simplistic.
Naval Ravikant, a well-known venture capitalist, expressed his viewpoint that among all cryptocurrencies, Bitcoin (BTC) stands alone as the most suitable store of value, while other blockchains primarily strive for becoming the ideal medium of exchange. However, crypto analysts believe that this perspective might be oversimplified.
Naval Ravikant calls Bitcoin (BTC) true store of value
Naval Ravikant, a renowned venture investor and AngelList founder, expressed his perspective on Twitter regarding Bitcoin (BTC) and other blockchains. He described Bitcoin as the authentic “Layer One” and the primary “Store of Value.” In contrast, other cryptocurrencies, referred to as altcoins, are striving to establish themselves as “Mediums of Exchange,” or Layer Two.
It’s possible that Bitcoin serves as the foundation, or the primary store of value, while other cryptocurrency chains strive to become effective mediums of exchange.
— Naval (@naval) June 21, 2024
Ravikant shared this take with his 2.3 million followers yesterday, June 21, 2024.
As a cryptocurrency market analyst, I’ve had the privilege of investing in several noteworthy projects based in Silicon Valley. Among these are L1 blockchains Chia (XCH) and Mina Protocol (MINA), EVM L2 Monad, decentralized on-chain dark pool Renegade, predictions platform PolyMarket, DeFi protocol InstaDapp, and more.
Since 2017, he has supported several investment rounds for Bitwise, a prominent player in the asset management industry, which manages a Bitcoin ETF and has applied for Ethereum ETF approval.
Previously reported by U.Today, he had expressed criticism towards NFTs linked to off-line content due to their questionable scarcity.
Crypto community disagrees, here’s why
As a researcher studying the field of cryptocurrencies, I’ve observed that Ravikant consistently emphasized the potential solutions that digital currencies can offer. Simultaneously, he criticized regulatory efforts that he perceived as hostile towards the underlying technology of blockchain.
Bitcoin (BTC) advocates disputed Ravikant’s perspective, arguing that altcoins function as experimental platforms for Bitcoin (BTC). Dan Held, a former executive at Kraken, emphasized this point and suggested that layer-two solutions (L2s) for Bitcoin would resolve all the concerns related to these alternative cryptocurrencies.
The CEO of Swan Cory Klippsten is equally confident that Bitcoin (BTC) will function effectively as a means of exchange, similar to traditional currencies.
In contrast to Bitcoin (BTC), which is seen as a pioneer in the crypto world, many critics argue that most alternative coins (altcoins) are still in their infancy and lack the comparable value or impact.
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2024-06-22 18:10