Calacanis: “Time to Build a New Bitcoin”

Speaking to his 981,600 followers on X on March 14, Jason Calacanis said:

“Bitcoin has been a great game, but a few major players have taken over the market. It’s time to reset the game and build a better Bitcoin.”

Calacanis had also been an early investor in Robinhood and Keza, two Bitcoin-focused startups. Nevertheless, he claimed that Bitcoin, like all technologies, will eventually give way to new alternatives.

A New Opportunity for Bitcoin Layer-2 Projects!

In response to Calacanis’ remarks, many founders and executives of Bitcoin-focused initiatives emphasized that nothing can replace Bitcoin. However, they also highlighted the growing significance of layer-2 protocols built on the Bitcoin network.

Brady Swenson, co-founder of Swan Bitcoin, commented:

“Winning protocols aren’t replaced by something else; they are built upon.”

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Meanwhile, Cory Klippsten argued that Bitcoin is not just a technology but a revolution.

Lightspark CEO David Marcus also chimed in, saying Bitcoin’s functional gaps can be addressed through layer-2 solutions, adding:

“Trying to build a better Bitcoin is a fool’s errand.”

Bitcoin Gets Harder to Change as It Grows!

Many experts pointed out that Bitcoin’s massive network effect makes it increasingly powerful. While Muneeb Ali, one of the founders of Stacks, predicted that two-thirds of current Bitcoin layer-2 projects will disappear within three years, most agreed that Bitcoin itself cannot be replaced.

Bitcoin advocate Wayne Vaughan stated:

“People who see Bitcoin as just an asset or an application think it can easily be replaced, but Bitcoin is actually a network.”

Strive Funds CEO Matt Cole was even more direct:

“There will not be a better Bitcoin.”

This isn’t the first time Jason Calacanis has caused a stir in the crypto world. Back in 2020, he claimed that almost every crypto project globally was run by either “unqualified idiots” or “scammers.”

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“Swan is unlikely to continue with our Managed Mining business in the near term. Without the expectation of significant near-term revenue from our Managed Mining unit, we are pulling our plans to IPO in the near future,” Klippsten stated.

The business has also cut back on its ambitious expansion plan and laid off numerous staff members “across many functions.” Klippsten promised to try to help downsizing workers find new employment. How many Swan staff members lost their employment is yet unknown.

Swan provides bitcoin asset management and financial advisory services; one solution lets users acquire but not sell their coins, therefore rendering them actual “hodlers.” Beginning operations in 2023, its mining company just emerged from silence in January following at least $100 million raised from institutional investors. Plans included expanding mining farms abroad and increasing the company’s overall hash power to 8 exahash.

After raising and distributing $205 million among its equity, credit, and hedge funds in an attempt to expand the company, Klippsten had said he intended to take it public by the end of the year. For many miners who followed the Bitcoin halving, which cut revenues and investor interest, Swan’s mining company’s closing comes at a trying time. Many companies have turned their focus to providing computing capability for cloud providers and artificial intelligence companies.

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