The Bitcoin community is abuzz following a contentious statement made by a well-known technology investor, who was an early supporter of the ride-hail service Uber. The investor has suggested that Bitcoin’s reign will eventually give way to a superior successor.
Noted angel investor and internet entrepreneur Jason Calacanis, who commands the attention of nearly a million followers on Twitter, stirred up the debate on March 15. He stated, “Bitcoin has been a fascinating spectacle, but with a few dominant players monopolizing the market, the time is ripe to ‘rebuild a superior Bitcoin’ and reset the game.”
Having invested in Bitcoin-centric businesses such as the online trading platform Robinhood and Bitcoin startup Keza, Calacanis went on to say, “All technology is inevitably superseded… Bitcoin will be no exception.”
However, key figures in the Bitcoin community were quick to rebut Calacanis, asserting that while a dominant layer-2 protocol could potentially emerge on the Bitcoin network, Bitcoin itself is irreplaceable.
Swan Bitcoin co-founder Brady Swenson argued, “Successful protocols are not discarded; they are built upon. Bitcoin as a protocol for value transfer will never be superseded. The competition is still on for the winning second layer protocol.”
David Markus, CEO of Lightspark, shared a similar viewpoint, stating, “What Bitcoin lacks in functionality can be supplemented with layer-2s. Attempting to create a superior Bitcoin is a futile endeavour.”
On the other hand, ShapeShift CEO Eric Voorhees suggested that Bitcoin’s limitations could be addressed “on other chains.”
Muneeb Ali, co-founder of Stacks, recently predicted that the majority of existing Bitcoin layer-2 projects will cease to exist within three years as initial enthusiasm subsides.
Strive Funds CEO Matt Cole asserted that there will never be a “better” Bitcoin. He added, “I do believe we will continue to see sporadic alt seasons of ever-decreasing intensity that will keep making insiders money. However, most people will end up with less Bitcoin by going to that casino.”
This isn’t the first time Calacanis has sparked a conversation in the crypto sphere. In June 2020, he suggested that most global crypto projects were being managed by people either lacking necessary skills or engaging in fraudulent activities.
