Solana (SOL) creator Anatoly Yakovenko believes Bitcoin’s (BTC) main use case is as insurance for the collapse of a superpower.
In a new thread on the social media platform X, Yakovenko says Bitcoin is an expense and not an investment – something to protect against the possible collapse of a country touting economic and military might.
“BTC has no value. In the best light, it’s insurance. 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. It’s not an investment, it’s a cost, and there is no guarantee it will work. It’s as good at doing that at $100,000 as it is at $10,000.
If it works, it has very little to do with technology outside of the initial innovation that happened 15 years ago.”
Popular figures in the digital asset space advocate for BTC as a hedge against currency debasement. Yakovenko says he does not contest the thesis because it is aligned with his argument. However, he does not believe that investors should go all in on BTC.
“Currency debasement ~= superpower collapse, same use case – insurance. If it works, it’s because safety and property rights have intrinsic value. They are on the Maslow hierarchy of needs. But it’s not direct.
The worst amount of BTC to own is 100%.”
While Yakovenko thinks that Bitcoin has no intrinsic value, he champions layer-1 blockchains like Solana as they are designed to generate revenue with every transaction.
When asked about the value of coins that require gas to process transactions, Yakovenko says,
“The share of all future capturable fees.”
At time of writing, Bitcoin is trading for $86,236, up over 2% in the past day.
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Source: Solana’s Anatoly Yakovenko Says Bitcoin Has No Value, Sees BTC Only As Insurance in Case
