JHL, a contributor to the popular DEX and high-speed DeFi platform Serum, claimed that while Bitcoin is the largest cryptocurrency by market cap, it has no functional aspect when it comes to utility.
Currently contributing to Serum, JHL worked as a machine learning engineer at Google and then as a trader at Alameda Research.
In an interview with Kitco News at the DCentral Miami conference, JHL stated that Bitcoin's technological shortcomings do not mean that it has no real value, as some crypto critics claim.
“We know that there were things that existed before Bitcoin and could be in a similar position to gold. These things are obviously very valuable now. So I don't think that means that the price of Bitcoin has to be zero.”
JHL stated that there are many other tokens or projects that could replace Bitcoin as a store of value and that it considers to be more useful than BTC.
JHL said that Solana (SOL) is a Blockchain that offers superior transactional features.
“Solana is a layer one Blockchain. It is highly scalable, inexpensive, fast to transact, and has a lot of interesting scalability features that it implements. One of the key features that excites me is that transactions in Solana can happen in parallel. The other thing is that with real-world hardware scaling. scaling.
Solana is much cheaper and much faster. One thing a lot of people are saying is that Ethereum is much more decentralized. I think that's true right now and Solana is making a lot of improvements, but imagine Solana could be more decentralized in the distant future."
Emphasizing that “Bitcoin will always be the fastest and cheapest” in terms of transaction speeds and costs, JHL said that future Blockchain projects should bridge with Bitcoin.
According to JHL, it doesn't matter whether there will be any tokens or projects that will take precedence over Bitcoin in the future. Because JHL thinks that these tokens or projects will need to create bridges to use Bitcoin, which is already advantageous in the market.