Solana cofounder Anatoly Yakovenko says Bitcoin (BTC) has zero intrinsic value compared to other assets

Bitcoin Has No Value And Is Not An Investment, Says Solana Cofounder

Solana cofounder Anatoly Yakovenko has sparked controversy by saying Bitcoin (BTC) has zero intrinsic value compared to other assets.

Yakovenko's comments, shared via X, come as cryptocurrency prices continue to flounder despite a recent spike in memecoin activity on Solana.

Solana cofounder Anatoly Yakovenko has aspersions on Bitcoin’s viability as an investment option, saying the asset has no value.

Yakovenko made the assertions on a post on X, claiming that the asset is not an investment but akin to a coin flip.

The best-case scenario for Bitcoin is as “insurance” against the collapse of a global superpower, argues Yakovenko, pegging the odds of such a collapse at 1%. He adds that Bitcoin may hold up well in the event of a superpower implosion.

“It’s worth it for me to spend 1% of my wealth on some asset that might not go to zero in that environment. It’s not an investment, its a cost and there is no guarantee that it will work,” said Yakovenko.

Yakovenko argues that a BTC price of $100K or $10K does not affect its ability to withstand a superpower collapse.

“If it works, it has very little to do with technology outside of the initial innovation that happened 15 years ago,” said Yakovenko.

Bitcoin Maxis Disagree With Yakovenko’s Claims

Yakovenko’s comments have triggered a wave of reactions from the cryptoverse with the bulk disagreeing with his claim. Angel investor Ashkay BD diverged from Yakovenko, stating that Bitcoin offers immense value flowing from its ability to protect users from counterparty risk.

He adds that without BTC, individuals will be forced to transact with failing banks and governments with currency debasements and capital controls.

"Bitcoin has no value"

Anatoly, it provides an enormous amount of value.

It’s the best counterparty risk free asset in history. It has no counterparty risk, no capital controls, and no currency debasement.

Without it, we’re forced to transact with failing banks and govs with all those problems. BTC is superior. https://t.co/83gM8sDHp3

— Ashkay BD 🦇 Anjali 共同体 (@ashkay_bd) August 17, 2023

Others say despite incoming CME Group’s SOL futures, Solana is overvalued since it is still finding its feet in the world. Critics opine that if the Solana cofounder sees Bitcoin as good for doomsday events, then Solana is only for memecoins.

Despite a previous spike of memecoin activity in Solana, ecosystem activity is waning with PumpFun halting token creation amid market volatility.

President of the Solana Foundation Lily Liu appeared to distance herself from Yakovenko’s claim. Liu considers herself to be a Bitcoiner while advocating against ecosystem tribalism in a lengthy post.