Jason Calacanis, the angel investor of many prominent companies like Robinhood, Bitcoin startup Keza and Uber, has stirred controversy after claiming that Bitcoin could be replaced.
In his X post, Calacanis told his 981,600 followers that Bitcoin has enjoyed a wonderful streak, but he predicts that there could be something even bigger than Bitcoin that would replace Bitcoin, resulting in a 'restart in the game.'
Many industry leaders has since come forward to refute his claims, with some even claiming that "trying to build a better Bitcoin is a fool's errand."
Building on Calacanis's comments, many founders and executives of Bitcoin-related companies claim the accurate solution for mending the loopholes of Bitcoin is by building layer-2 projects that could compliment the Bitcoin protocol and not to build something entirely new that would outperform Bitcoin.
Swan Bitcoin co-founder Brady Swenson dismissed the idea of Bitcoin being replaced, stating:
“Winning protocols don’t get replaced; they are built upon.”
Lightspark CEO David Marcus echoed similar sentiments, pointing out that Bitcoin’s limitations can be addressed through layer-2 solutions rather than seeking to replace the protocol itself.
In his podcast, Anthony Pompliano noted that replacing Bitcoin is literally impossible. He gave technology such as the internet and the mobile as an examples, and how they have yet to be replaced despite growing innovations.
Co-founder and CTO of SwanBitcoin Yan Pritzker also mentioned that every "better Bitcoin" already existed and all have failed. He argued that "crypto isn't tech disruption; it's monetary network effects."
Similarly, many other experts have also emphasised the importance of layer-2s for the expansion of the Bitcoin ecosystem, as it can provide use cases that the bitcoin network cannot support, such as deploying smart contracts.
But not all share the same sentiment. Muneeb Ali, the co-founder of Stacks, predicts that more than two-thirds of existing Bitcoin layer-2 projects will eventually dies out as the initial excitement around these protocols wanes.
There are also others who have pointed out that given the current reach of the Bitcoin ecosystem makes it very hard to be replaced. Bitcoin advocate Wayne Vaughan explains that with the Bitcoin network exponentially expanding, the chances of it getting replaced will also exponentially diminish.
Furthermore, Bitcoin also has been recognised by governments as well. For example, Trump has already set up a strategic Bitcoin reserve to keep its BTC holdings for the long term. This kind of government adoption also makes it very unlikely for Bitcoin would be replaced.
Strive Funds CEO Matt Cole stated that the stability of Bitcoin will be the reason behind its longevity. He claims that while other cryptocurrencies such as alt coins might have occasional seasons of highs that could allow investors to pocket a huge sum of profit, but ultimately investors would be better off with Bitcoin because of its overall price stability.
This isn’t the first time Calacanis has sparked debate in the crypto space. Back in June 2020, he stirred controversy by claiming that most crypto projects are run by “unqualified idiots” or “grifters” with below-average skills.
Despite his skepticism, Bitcoin’s dominance remains unshaken, with industry leaders focusing on building on top of Bitcoin rather than replacing it.
There are many ways to accumulate Bitcoin—some, like El Salvador who opt for steady accumulation through regular purchases or Bhutan who focus on mining. But then there’s the darker route: outright theft.
XingChiSpanish authorities dismantled a major crypto pyramid scam that defrauded over 3,600 victims out of an estimated 32.6 million euros through a fake online investment platform. Eight suspects were arrested, and the scam affected victims in 36 countries, leading to asset seizures and frozen bank accounts.
JoyNorth Korea's Lazarus Group has become one of the largest Bitcoin holders, controlling 13,562 BTC, after stealing $1.46 billion in a crypto heist. This makes North Korea one of the top government holders of Bitcoin, raising concerns about their intentions and role in global cybercrime.
AnaisThe Bank of Korea rejected the idea of holding Bitcoin in its foreign exchange reserves due to concerns about volatility and liquidity. Despite growing political interest in Bitcoin reserves, the central bank remains cautious and aligns with global trends of skepticism.
AnaisJames Howells' request to search a landfill for a hard drive containing 8,000 Bitcoin was rejected by the UK Court of Appeal, marking a setback in his legal battle. He plans to appeal to the European Court of Human Rights, but the landfill is set to close soon, making the search more difficult.
WeatherlyAmerican streamer Amouranth survived a violent home invasion in Houston, where armed intruders assaulted her and demanded her cryptocurrency keys. Four suspects, including two teenagers, were arrested, and the case highlights the rising danger of criminals targeting people with significant digital assets.
JoyGemini set a Guinness World Record by using 1,000 drones to form the Bitcoin logo in the sky over Austin, Texas. The event celebrated Bitcoin's role in the US Strategic Bitcoin Reserve initiative and showcased the growing influence of cryptocurrency.
AnaisRussia is increasingly using cryptocurrencies like Bitcoin and Tether to conduct oil trade with China and India, bypassing Western sanctions. The use of intermediaries and offshore accounts has made crypto a key tool in these transactions, speeding up operations despite financial restrictions.
WeatherlyThe White House is planning to acquire large amounts of Bitcoin for a strategic reserve, with support for the Bitcoin Act that proposes purchasing up to $80 billion worth of Bitcoin. The government aims to do this in a budget-neutral way, possibly using gold certificates, though the feasibility remains unclear.
WeatherlyThe Shiba Inu community, known for its large and active base, is increasingly targeted by scammers exploiting its popularity through fake airdrops and giveaways on Telegram and X. These scams aim to steal funds by tricking users into connecting their wallets or sharing personal information, capitalising on the community’s enthusiasm and trust.
AnaisReddio, a top parallel zkEVM Layer 2, has closed its seed funding round and is progressing with A-round financing to speed up its Layer 2 deployment. It has also integrated World ID from the Worldcoin network into its points system.
CatherineTON Ventures, led by Ian Wittkopp and Inal Kardan, has launched a $40 million fund to support early-stage projects on the TON blockchain. This move capitalises on Telegram's massive user base and aims to drive innovation in blockchain applications.
WeatherlyThe FTC's new rule bans fake reviews, AI-generated content, and paid bots to inflate follower counts, potentially starting in October. But can it truly eliminate fake online engagement or will it be akin to a drop in the ocean?
KikyoThe $DOGS token has rapidly gained popularity in the Telegram ecosystem, reaching over 50 million users and securing listings on major exchanges like Bitget, OKX, and Bybit. Its success is driven by Telegram's large user base and innovative marketing strategies, positioning it as a significant player among memecoins.
AnaisGrass, Wynd Network's flagship product, enables users to monetise unused network resources. As the AI DePIN project ends its Closed Beta, it launches a limited-time bonus epoch and hints at upcoming airdrop and tokenomics details, aiming to redefine internet connectivity.
CatherineFractal’s upcoming mainnet launch in September aims to transform Bitcoin’s scalability and programmability by introducing a native recursive scaling solution and smart contract functionalities. However, Bitcoin's recent decline amidst broader market gains and ongoing institutional investment raises questions about its short-term market stability and adoption of new technologies.
AnaisVitalik Buterin donated over $500K in animal-themed meme coins to charity, urging more practical utility for meme coins. Is this a genuine act of altruism or a strategic move to enhance his image while offloading coins?
KikyoIran is facing a severe power crisis worsened by illegal cryptocurrency mining, which consumes excessive electricity. To combat this, the government is offering a $24 reward for tips on unauthorized mining activities, but this may not address the underlying issues of power grid mismanagement.
WeatherlySuperRare, a leading digital art platform, has seen a 45% dip in traffic, reflecting a broader decline in NFT sales. Despite this, CEO John Crain remains optimistic, urging a broader perspective on the market's challenges, viewing them as part of the NFT space's evolution, not its end.
Catherine