Jason Calacanis, a well-known angel investor who was an early backer of Uber, has ignited a heated debate in the Bitcoin community by suggesting that the world’s largest cryptocurrency is destined to be replaced. On March 14, Calacanis told his nearly one million followers on X that Bitcoin’s dominance will not last forever, stating:

“Bitcoin has been a wonderful game, but with a couple of giant players cornering the market, the timing is right to ‘build a better Bitcoin’—restarting the game.”

His remarks were met with immediate resistance from Bitcoin advocates, who argued that Bitcoin is not just another technology to be discarded and replaced. While Calacanis, an early investor in Robinhood and Bitcoin startup Keza, insisted that all technology eventually becomes obsolete, industry leaders pushed back, highlighting Bitcoin’s unique position in the financial ecosystem.

The Future Lies in BTC Layer-2 Solutions

Prominent voices within the Bitcoin community responded forcefully, explaining that while Bitcoin itself is irreplaceable, innovation can still happen on top of it.

“Winning protocols don’t get replaced; they are built upon,” said Brady Swenson, co-founder of Swan Bitcoin, arguing that the race is still open for a dominant layer-2 protocol to take Bitcoin to the next level.

Similarly, Cory Klippsten, another Swan Bitcoin co-founder, dismissed the idea of a “better Bitcoin,” calling it a technological revolution that transcends traditional innovation cycles. Lightspark CEO David Marcus echoed this view, stating:

“Trying to build a better Bitcoin is a fool’s errand. What it lacks in functionality can be built on L2s.”

Others, like ShapeShift CEO Eric Voorhees, suggested that Bitcoin’s limitations can be addressed by other blockchains, rather than requiring a full replacement.

No Better Bitcoin?

Bitcoin’s longevity and security are what make it increasingly difficult to replace, according to several analysts. Wayne Vaughan, a strong advocate for BTC, explained that many misunderstand Bitcoin’s true nature:

“People wrongly assume Bitcoin is just an asset, application, or platform. I think of Bitcoin as a network. The larger the network gets, the less likely it is for something else to replace it.”

Similarly, Matt Cole, CEO of Strive Funds, stated bluntly: “There will not be a better Bitcoin.”

Despite the controversy, this is not Calacanis’ first run-in with the crypto industry. In 2020, he criticized the space by claiming that most crypto projects were run by “unqualified idiots” and “grifters.”

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