Solana Cofounder Claims Bitcoin Has No Value, Here’s Why

Solana cofounder Anatoly Yakovenko says Bitcoin (BTC) has zero intrinsic worth in comparison with different property. His tirade in opposition to the most important cryptocurrency by market capitalization has triggered polarizing reactions within the ecosystem with a cross part taking swipes at Solana.

Bitcoin Has No Worth And Is Not An Funding, 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 isn’t an funding however akin to a coin flip.

He argues that the best-case situation for Bitcoin is as “insurance coverage” in opposition to the collapse of a worldwide superpower. The Solana co-founder pegged the chances of such a collapse at 1%, including that Bitcoin could maintain up properly within the occasion of a superpower implosion.

“It’s price it for me to spend 1% of my wealth on some asset which may not go to zero in that surroundings,” stated Yakovenko. “It’s not an funding, its a value and there’s no assure that it’ll work.”

Yakovenko provides {that a} BTC price of $100K or $10K doesn’t have an effect on its potential to resist a superpower collapse.

“If it really works, it has little or no to do with know-how exterior of the preliminary innovation that occurred 15 years in the past,” 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 gives immense worth flowing from its potential to guard customers from counterparty threat.

He provides that with out BTC, people will likely be compelled 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 this planet. Critics opine that if the Solana cofounder sees Bitcoin nearly as good for doomsday occasions, then Solana is just for memecoins.

Regardless of a earlier spike of memecoin exercise in Solana, ecosystem exercise is waning with PumpFun halting token creation amid market volatility.

President of the Solana Basis 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.