Naval Ravikant, the founder of AngelList and a famous venture investor, says that Bitcoin (BTC) is the only real “Layer One” (L1) currency that can be used to store value. Ravikant recently wrote on Twitter to his 2.3 million fans that other blockchains are just competing to be the best way to trade, or “Layer Two” (L2).
Ravikant, an important investor in a number of cryptocurrency projects, such as Chia (XCH), Mina Protocol (MINA), EVM L2 Monad, and DeFi protocol InstaDapp, made his point clear on June 21, 2024. Besides that, he is known for supporting the asset management company Bitwise since 2017. Bitwise runs a spot Bitcoin ETF and is trying to get approval for an Ethereum ETF.
Bitcoin Debate Intensifies Post-Ravikant
Ravikant criticized the idea of NFTs tied to off-chain material because they were unable to demonstrate that the content was scarce. He also said that cryptocurrency could solve many problems, even though it would be hard to regulate. He said that authorities were wrong to attack blockchain technology.
But his views caused a discussion among people who write about cryptocurrencies. Dan Held, who used to be the Head of Growth for Kraken, said that altcoins are like testnets for Bitcoin (BTC), and that future BTC L2s will be able to fix their problems.
Cory Klippsten, CEO of Swan, said that Bitcoin (BTC) could also be used as a form of payment. On the other hand, some Bitcoin critics pointed out that most altcoins are still very new and cannot be compared to the first cryptocurrency.
