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Renowned venture capitalist Naval Ravikant opined that Bitcoin (BTC) is the only true L1 in terms of store of value, while alternative blockchains are only competing for the best medium of exchange status. Crypto commentators are sure that the picture is more nuanced.
Naval Ravikant calls Bitcoin (BTC) true store of value
Iconic venture investor and AngelList founder Naval Ravikant took to Twitter to call Bitcoin (BTC) the true "Layer One" and "Store of Value." All other blockchains (altcoins) are therefore competing to become "Medium of Exchange," or Layer Two.
Perhaps Bitcoin is the true L1 (the store of value) and every other chain is competing for L2 (the medium of exchange).
— Naval (@naval) June 21, 2024
Ravikant shared this take with his 2.3 million followers yesterday, June 21, 2024.
The Silicon Valley legend is an investor in a number of cryptocurrency projects, including L1 blockchains Chia (XCH) and Mina Protocol (MINA), EVM L2 Monad, on-chain dark pool Renegade, predictions platform PolyMarket, DeFi protocol InstaDapp and so on.
Also, since 2017, he has backed a number of investing rounds for Bitwise, an asset management heavyweight, operator of a spot Bitcoin ETF and an applicant for Ethereum ETF approval.
As covered by U.Today previously, he was criticizing the concept of NFTs associated with off-chain content for the lack of provable scarcity.
Crypto community disagrees, here's why
Meanwhile, Ravikant repeatedly stressed that cryptocurrency can solve many problems and slammed regulators for their attacks on blockchain.
Bitcoin (BTC) proponents disagreed with Ravikant on his take. Former Kraken Head of Growth Dan Held highlighted that altcoins are only testnets for Bitcoin (BTC), while potential BTC L2s would address all of their issues.
CEO of Swan Cory Klippsten is certain that Bitcoin (BTC) will work like a medium of exchange as well.
By contrast, some Bitcoin (BTC) critics highlighted that the majority of altcoins are just taking baby steps and cannot be compared to the first crypto.