Benzinga – Naval Ravikant, a renowned investor and venture capitalist, expressed his views on Bitcoin’s (CRYPTO: BTC) role as a primary store of value.
What Happened: On Friday past midnight, Ravikant took to X, formerly Twitter, to write, “Perhaps Bitcoin is the true L1 (the store of value) and every other chain is competing for L2 (the medium of exchange).”
Perhaps Bitcoin is the true L1 (the store of value) and every other chain is competing for L2 (the medium of exchange).
— Naval (@naval) June 21, 2024
Over the years, Bitcoin’s narrative as a store of value and inflation hedge has been aggressively promoted by its passionate advocates. The narrative has been strengthened by King Crypto’s staggering 109x value jump in the last 10 years, a feat that is yet to be equaled by assets from traditional finance, including gold — the widely accepted store of value asset.
On the other hand, blockchains like Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) have increasingly grown as mainstream payment platforms due to the issuance of dollar-pegged stablecoins.
See Also: Dogecoin, Shiba Inu, XRP Flagged By Analytics Firm As Buying Opportunities Amid 2024 Sentiment Low
Why It Matters: Ravikant’s views on Bitcoin are significant, given his influence in the investment community. Best known as the founder of AngelList, he has invested early-stage in over 200 companies, including Uber and Twitter.
He has previously stated that Bitcoin solves ‘money problems’, a view he seems to maintain, as indicated by the aforementioned post.
Earlier this month, Ravikant grabbed eyeballs after he threatened to sell all his Tesla stocks if Elon Musk’s pay package was not approved.
Price Action: At the time of writing, Bitcoin was exchanging hands at $64,638.49, declining 1.44% in the last 24 hours, according to data from Benzinga Pro.
Read Next: What If Peter Schiff Had Invested $10K In Bitcoin Instead Of Dissing It For The First Time 13 Years Ago, Here’s How Much He’d Have Today
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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