Anatoly Yakovenko, the creator of Solana, believes that Bitcoin serves mainly as a safeguard against the potential collapse of a superpower rather than as a lucrative investment. In discussions on social media, he argues that Bitcoin should be viewed as an expense, emphasizing its role in protecting one’s wealth during uncertain times. While acknowledging its use as a hedge against currency devaluation, he insists that investors should not allocate all their resources to Bitcoin, suggesting that the worst strategy is to own 100% of it. In contrast, Yakovenko promotes layer-1 blockchains like Solana for their ability to generate revenue with each transaction, highlighting their long-term value.
Anatoly Yakovenko, the creator of Solana (SOL), recently shared his views on Bitcoin’s (BTC) role in the current economic landscape. According to Yakovenko, Bitcoin primarily serves as a form of insurance against the potential collapse of global superpowers rather than a traditional investment.
In a discussion on social media platform X, Yakovenko pointed out that Bitcoin does not hold intrinsic value but acts as a safety net. He calculated that there is a 1% chance for a superpower to collapse in any given year. Given this risk, he believes spending a small portion of wealth on Bitcoin could protect against severe economic downturns. He stated, “It’s worth it for me to spend 1% of my wealth on some asset that might not go to zero in that environment.” This perspective positions Bitcoin not as an investment, but rather as an expense aimed at safeguarding one’s financial future.
While acknowledging that many in the crypto community highlight Bitcoin as a hedge against inflation and currency debasement, Yakovenko suggests that investors should not go all-in on Bitcoin. He emphasized that the “worst amount of BTC to own is 100%,” suggesting a more diversified approach to investing.
Yakovenko also advocates for layer-1 blockchains like Solana, which he believes are designed to generate revenue through transactions. This insight points to the different value propositions that various cryptocurrencies offer to investors.
At the time of writing, Bitcoin is trading at approximately $86,236, reflecting a slight increase over the past day.
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Tags: Solana, Bitcoin, Cryptocurrency, Investment, Anatoly Yakovenko, Superpower Collapse, Bitcoin Value, Digital Assets, Blockchain Technology.
What did Anatoly Yakovenko say about Bitcoin’s value?
Anatoly Yakovenko believes that Bitcoin does not have intrinsic value. He thinks of it more as a safety net in case of a major collapse among powerful nations.
Why does Yakovenko think Bitcoin is like insurance?
He views Bitcoin as a form of insurance because, during times of crisis or uncertainty, it might help protect wealth when trust in governments or traditional systems fades.
What does he mean by “superpower collapse”?
In this context, “superpower collapse” refers to a situation where major countries face serious political or economic failures, which could impact global stability.
Does Yakovenko believe in the long-term future of Bitcoin?
While he sees Bitcoin as a useful tool in crisis, he questions its long-term value as a currency or investment, aiming instead for practical use during tough times.
Are there any alternatives to Bitcoin Yakovenko might support?
Yakovenko is likely to support cryptocurrencies like Solana, which he co-founded. He believes these can offer practical solutions beyond what Bitcoin currently provides.
