Naval Ravikant Calls Bitcoin (BTC) True Store of Value, Crypto Community Disagrees

Iconic venture investor and AngelList founder Naval Ravikant took to Twitter to call Bitcoin (BTC) the true "Layer One" and "Store of Value."

Renowned venture capitalist Naval Ravikant believes that Bitcoin (BTC) is the only true Layer 1 (L1) blockchain when it comes to storing value, while all other blockchains are competing to become the best Medium of Exchange (MoE). However, crypto community members have expressed differing opinions on this matter.

Naval Ravikant Calls Bitcoin (BTC) True Store of Value

Venture investor and AngelList founder Naval Ravikant took to Twitter to share his thoughts on Bitcoin (BTC) being the true "L1" and "Store of Value." According to Ravikant, 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).

Ravikant shared this insight with his 2.3 million followers yesterday, June 21, 2024.

The Silicon Valley legend is known for his early-stage investments in a variety 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 more.

Additionally, since 2017, he has participated in several investing rounds for Bitwise, a major asset management firm that operates a spot Bitcoin ETF and has applied for approval for an Ethereum ETF.

As reported by U.Today previously, he criticized the concept of NFTs linked to off-chain content due to their lack of provable scarcity.

Crypto Community Members Express Disagreement

Throughout his career, Ravikant has consistently emphasized the potential of cryptocurrency to solve problems and slammed regulators for their attacks on blockchain.

In this instance, Bitcoin (BTC) proponents disagreed with Ravikant's assessment. Former Kraken Head of Growth Dan Held highlighted that altcoins are merely testnets for Bitcoin (BTC), while potential BTC L2s would handle all of their use cases.

On the other hand, some Bitcoin (BTC) critics pointed out that the majority of altcoins are still in their early stages of development and cannot be directly compared to the first cryptocurrency.