Uber angel investor stirs Bitcoin debate with ‘build a better Bitcoin’ remark
A recent assertion by Jason Calacanis, renowned angel investor and early supporter of the ridesharing app Uber, has ignited a fierce debate within the Bitcoin community. On March 14, Calacanis suggested that Bitcoin, praised for its strategic role in the financial ecosystem, is likely to be superseded by a “better Bitcoin.” He expressed his views in a post to his nearly 1 million followers on social media, stating, “Bitcoin has been a wonderful game, but with a couple giant players cornering the market, the timing is right to ‘build a better Bitcoin’ — restarting the game.”
Calacanis, who has previously invested in various Bitcoin ventures including trading platform Robinhood and Bitcoin startup Keza, emphasized the inevitability of technological evolution: “All technology gets replaced over time… and Bitcoin will be no different.” This perspective has raised eyebrows, prompting a robust rebuttal from prominent figures in the Bitcoin ecosystem.
Prominent Bitcoin co-founders and executives were quick to counter Calacanis’ claims, asserting that while Bitcoin may evolve, it is unlikely to be outright replaced. Many argue that the Bitcoin framework remains solid and that the focus should instead be on developing innovative layer-2 protocols that can enhance the existing infrastructure. Swan Bitcoin co-founder Brady Swenson pointed out on social media that “winning protocols don’t get replaced; they are built upon,” underscoring the idea that Bitcoin’s status as a value transfer medium is secure, with ongoing competition for optimizing layer-2 solutions.
Cory Klippsten, another Swan co-founder, joined the conversation, describing Bitcoin as a “technological revolution” that influences various sectors, indicating that it won’t merely follow the trajectory of single-use technologies such as consumer electronics.
The discussion around Bitcoin’s potential and its competition dovetails with thoughts from Lightspark CEO David Markus, who suggested that Bitcoin’s limitations can be addressed through layer-2 technologies without attempting to create an entirely new version of Bitcoin itself. However, Eric Voorhees, CEO of ShapeShift, remarked that some functionalities that Bitcoin lacks might be satisfyingly addressed by alternative chains rather than striving to enhance Bitcoin directly.
Despite the optimistic outlook for layer-2 innovations, Muneeb Ali, co-founder of Stacks, issued a cautionary note, predicting that over two-thirds of current layer-2 projects are unlikely to survive the next three years as initial interest diminishes. Such sentiments highlight the speculative nature of developing new technologies in tandem with established ones like Bitcoin.
Bitcoin stakeholder Wayne Vaughan rebuffed the notion that Bitcoin is simply an asset or application, arguing it should be viewed as a robust network. He maintained that as Bitcoin expands, its potential for replacement diminishes significantly— a concept echoed by other advocates in the field.
Adding to the conversation, Matt Cole, CEO of Strive Funds, firmly stated, “There will not be a ‘better’ Bitcoin.” He suggested that while trends of “alt seasons” may persist, they often lead to losses for casual investors who stray from established Bitcoin holdings.
Calacanis, known for his provocative opinions, has previously sparked controversy with criticisms of the broader crypto landscape, labeling many projects as “garbage” and run by “unqualified idiots or grifters.” Such statements have often fueled discussions about the overall direction and sustainability of cryptocurrencies.
This recent exchange highlights the ongoing friction within the cryptocurrency community regarding innovation and tradition, positioning Bitcoin as both a pillar of the ecosystem and a focal point for debates about the future of digital currencies.
