Statement from Solana’s Co-founder: “Bitcoin Has No Value”
Anatoly Yakovenko, co-founder of Solana, questioned the value of Bitcoin, triggering strong reactions within the crypto community.
Yakovenko challenged Bitcoin’s (BTC) role as a store of value, arguing that it functions more as a speculative bet than an actual asset.
For him, “Bitcoin has no value,” making it more of a cost than an investment. “There is no guarantee it will work,” he added, sparking significant controversy.
According to the developer, BTC’s only real use case is as a hedge against the collapse of a global superpower—an event he believes has just a 1% chance of happening.
Yakovenko stated that, under this premise, he would personally allocate only a small portion of his wealth to Bitcoin. He emphasized that BTC is neither an investment nor something with guaranteed success.
“It works just as well with $100,000 as it does with $10,000. If it succeeds, it will have little to do with technology beyond the initial innovation that happened 15 years ago,” he explained. This perspective leads him to view BTC as a gamble rather than an asset.
Strong Reactions from the Crypto Community
His comments drew sharp criticism, particularly from Bitcoin supporters. However, many argue that BTC holds significant value by protecting users from counterparty risks, reducing reliance on unstable banks and inflation-prone governments.
Satoshi Nakamoto’s creation remains valuable even without a financial collapse, as it offers protection against fiat currency-driven debt and inflation. Critics of Yakovenko’s stance pointed out that Bitcoin is undervalued in a world facing record-high sovereign, corporate, and household debt.
If anything in crypto has true value, it’s Bitcoin. It represents freedom without counterparty risk.
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