Famend enterprise capitalist Naval Ravikant opined that Bitcoin (BTC) is the one true L1 by way of retailer of worth, whereas different blockchains are solely competing for the most effective medium of alternate standing. Crypto commentators are certain that the image is extra nuanced.
Naval Ravikant calls Bitcoin (BTC) true retailer of worth
Iconic enterprise investor and AngelList founder Naval Ravikant took to Twitter to name Bitcoin (BTC) the true “Layer One” and “Retailer of Worth.” All different blockchains (altcoins) are due to this fact competing to turn out to be “Medium of Alternate,” or Layer Two.
Maybe Bitcoin is the true L1 (the shop of worth) and each different chain is competing for L2 (the medium of alternate).
— Naval (@naval) June 21, 2024
Ravikant shared this take together with his 2.3 million followers yesterday, June 21, 2024.
The Silicon Valley legend is an investor in quite a few cryptocurrency tasks, together with L1 blockchains Chia (XCH) and Mina Protocol (MINA), EVM L2 Monad, on-chain darkish pool Renegade, predictions platform PolyMarket, DeFi protocol InstaDapp and so forth.
Additionally, since 2017, he has backed quite a few investing rounds for Bitwise, an asset administration heavyweight, operator of a spot Bitcoin ETF and an applicant for Ethereum ETF approval.
As lined by U.As we speak beforehand, he was criticizing the idea of NFTs related to off-chain content material for the shortage of provable shortage.
Crypto neighborhood disagrees, this is why
In the meantime, Ravikant repeatedly confused that cryptocurrency can remedy many issues and slammed regulators for his or her assaults on blockchain.
Bitcoin (BTC) proponents disagreed with Ravikant on his take. Former Kraken Head of Progress Dan Held highlighted that altcoins are solely testnets for Bitcoin (BTC), whereas potential BTC L2s would handle all of their points.
CEO of Swan Cory Klippsten is definite that Bitcoin (BTC) will work like a medium of alternate as nicely.
Against this, some Bitcoin (BTC) critics highlighted that almost all of altcoins are simply taking child steps and can’t be in comparison with the primary crypto.
