Summary: Solana co-founder Anatoly Yakovenko sparked debate on X saying, “Bitcoin has no value.” He said that unlike stocks or real estate, Bitcoin doesn’t offer future cash flows, therefore is a form of insurance against unprecedented global catastrophes.
Yakovenko put the probability of a superpower falling apart at 1% per year and stated he is willing to invest 1% of his fortune in an asset that could withstand such a collapse. He also took issue with Bitcoin for not having technological advancements in its 15-year history and wondered how its value could be quantified without a definite financial model.
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His statements provoking mixed responses. Some drew comparisons between Bitcoin and gold, a hedge commodity in periods of inflation. Journalist Laura Shin responded that the simplicity of Bitcoin makes it global and that its $1 trillion market cap is evidence of its value.
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Yakovenko insisted, insisting that companies like Apple could be valued by earnings, but Bitcoin cannot be quantified in terms of such metrics. The arguments continue to rage, yet there is one certainty: what is valuable is decided by the market.
