Anatoly Yakovenko, the co-founder of Solana, recently made a statement on X that quickly grabbed attention. He said, “Bitcoin has no value.”
What are his reasons for this? Well, Yakovenko explained that Bitcoin doesn’t generate any future cash flows, unlike stocks or real estate.
Because of this, he believes Bitcoin is more like insurance, something you buy in case something bad happens, like the collapse of a superpower, with a very low probability.
“Based on my lifetime priors, there is a 1% chance a superpower will collapse any given year. It’s worth it for me to spend 1% of my wealth on some asset that might not go to zero in that environment.” He said.
Yakovenko pointed out that Bitcoin’s technology hasn’t changed much since it was first created 15 years ago, meaning it hasn’t really improved or added value over time. He also mentioned that Bitcoin’s value is hard to measure because there is no model to test its worth in the same way that other assets can be measured.
His tweet received a lot of responses from users but with different views. Some users were against him and supported Bitcoin’s stance. They argued that Bitcoin, like gold, can be used as a safe asset in times of inflation or other currency-related difficulties.
One person, Laura Shin, wrote that even without believing in a superpower collapse, people still find value in Bitcoin.
Shin continued that Bitcoin is easier to understand compared to other currencies like Ethereum or Solana. People see Bitcoin as a way of saving money, which makes it appealing to the majority. She also emphasized that Bitcoin is one of the only assets in history to have surpassed $1 trillion in value, all without centralized control.
“The market has spoken,” she concluded, pointing out that the value of Bitcoin is ultimately decided by the market, not by any single person.
In response, Yakovenko maintained his stance, arguing that companies like Apple can be valued based on future cash flows, something that cannot be done with Bitcoin. He questioned what model could be used to measure Bitcoin’s value.
Also Read: BlackRock Adds its Bitcoin ETF in $150B Investment Plan
