Solana co-founder Anatoly Yakovenko has stirred controversy by dismissing Bitcoin’s value, arguing that it lacks investment potential.
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.
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.
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.
In an effort to broaden its investor base, the ARK 21Shares Bitcoin ETF (ARKB) will undergo a 3-for-1 stock split on June 16, making shares more affordable for everyday investors.
Following a 6.4% pullback from its record high of $111,980, Bitcoin has stirred debate among analysts about what comes next.
Japanese investment firm Metaplanet has made another bold move in the crypto space, acquiring 1,088 more Bitcoins in its latest purchase, and pushing its total holdings to 8,888 BTC—valued at over $930 million at current prices.
As more corporations rush to add Bitcoin to their balance sheets in hopes of replicating the success of early adopters, concerns are growing that many of these firms may not have the resilience to endure a sustained crypto downturn.