Solana creator Anatoly Yakovenko recently stirred the crypto pot with some controversial comments about Bitcoin. He doesn’t see Bitcoin as having any real value, but rather as a kind of insurance policy.
Bitcoin: Insurance Against Global Collapse?
Yakovenko’s take is that Bitcoin is only useful if a major world power collapses. He figures there’s about a 1% chance of this happening each year, and owning some Bitcoin is worth the risk as a safeguard. He stresses it’s not an investment in the traditional sense, more of a costly precaution. He believes its value in a crisis is unrelated to its technology, but rather tied to the inherent value of safety and security.
Not a Hedge Against Inflation, Says Yakovenko
While many see Bitcoin as a hedge against inflation, Yakovenko agrees that it could serve that purpose, but only because currency debasement often accompanies a superpower collapse. However, he cautions against putting all your eggs in one Bitcoin basket.
Solana’s Advantage: Transaction Fees
Yakovenko contrasts Bitcoin with layer-1 blockchains like Solana. He argues that Solana’s design allows it to generate revenue from every transaction, unlike Bitcoin. When asked about the value of cryptocurrencies that charge transaction fees, he simply stated it’s the “share of all future capturable fees.”
Bitcoin’s Current Price and Disclaimer
At the time of writing, Bitcoin was trading at $86,236. It’s important to remember that this is just one person’s opinion, and investing in cryptocurrency is inherently risky. Always do your own research before investing.
