Solana co-founder Anatoly Yakovenko has stirred controversy by dismissing Bitcoin’s value, arguing that it lacks investment potential.
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He likened BTC to a gamble rather than an asset, suggesting its only real use case is as a hedge against a global superpower’s collapse—a scenario he believes has just a 1% chance of occurring. Despite this, he noted that he personally would allocate a small portion of his wealth to Bitcoin under that premise, though he insisted it is not an investment, nor is there any certainty it will succeed.
His remarks have drawn strong reactions from the crypto community, particularly from Bitcoin supporters. Angel investor Akshay BD countered Yakovenko’s argument, emphasizing that BTC holds significant value by shielding users from counterparty risks, preventing reliance on unstable banks and inflation-prone governments.
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Critics of Yakovenko’s stance also pointed out that if Bitcoin is only useful in extreme financial crises, then Solana’s utility is equally questionable, often associated with memecoins rather than foundational financial infrastructure.
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The debate comes as Solana faces its own hurdles. Despite a surge in memecoin activity on its network, momentum has slowed, with projects like PumpFun suspending token creation due to market instability. Meanwhile, Solana Foundation President Lily Liu distanced herself from Yakovenko’s comments, expressing support for Bitcoin and cautioning against tribalism in the crypto space.
