Solana cofounder Anatoly Yakovenko says Bitcoin (BTC) has zero intrinsic worth in comparison with different property. His tirade in opposition to the biggest cryptocurrency by market capitalization has triggered polarizing reactions within the ecosystem with a cross part taking swipes at Solana.
Bitcoin Has No Value And Is Not An Investment, Says Solana Cofounder
Solana cofounder Anatoly Yakovenko has solid aspersions on Bitcoin’s viability as an funding choice, saying the asset has no worth. Yakovenko made the assertions on a post on X, claiming that the asset just isn’t an funding however akin to a coin flip.
He argues that the best-case state of affairs for Bitcoin is as “insurance” in opposition to the collapse of a world superpower. The Solana co-founder pegged the percentages of such a collapse at 1%, including that Bitcoin could maintain up nicely within the occasion of a superpower implosion.
“It’s worth it for me to spend 1% of my wealth on some asset that might not go to zero in that environment,” stated Yakovenko. “It’s not an investment, its a cost and there is no guarantee that it will work.”
Yakovenko provides {that a} BTC price of $100K or $10K doesn’t have an effect on its capability to face up to a superpower collapse.
“If it works, it has very little to do with technology outside of the initial innovation that happened 15 years ago,” stated Yakovenko.
Bitcoin Maxis Disagree With Yakovenko’s Claims
Yakovenko’s feedback have triggered a wave of reactions from the cryptoverse with the majority disagreeing together with his declare. Angel investor Ashkay BD diverged from Yakovenko, stating that Bitcoin provides immense worth flowing from its capability to guard customers from counterparty danger.
He provides that with out BTC, people will likely be pressured to transact with failing banks and governments with forex debasements and capital controls.
Others say regardless of incoming CME Group’s SOL futures, Solana is overvalued since it’s nonetheless discovering its ft on the earth. Critics opine that if the Solana cofounder sees Bitcoin nearly as good for doomsday occasions, then Solana is just for memecoins.
Despite a earlier spike of memecoin exercise in Solana, ecosystem exercise is waning with PumpFun halting token creation amid market volatility.
President of the Solana Foundation Lily Liu appeared to distance herself from Yakovenko’s declare. Liu considers herself to be a Bitcoiner whereas advocating in opposition to ecosystem tribalism in a prolonged submit.
Aliyu Pokima
Disclaimer: The introduced content material could embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability in your private monetary loss.
