Long term investor Mike Alfred dismisses Solana for bitcoin

Mike Alfred, an investor who serves on the boards of BTC miner Iris Energy and digital asset investment platform Eaglebrook Advisors, compared Solana to Santa Claus.

In a tweet, Alfred compared Santa Claus to Solana’s native coin, Fifth note of musical scaleOn which people believe even today and hope that it will flourish in future.

Responding to his tweet, crypto and DeFi analyst Mike Deutscher wrote that there is no substandard product, only a bad buy. Deutscher believes that SOL will turn into an investment with +EV (EV = enterprise value). In response to this statement, Alfred announced that he would continue to invest in value stocks and Bitcoin,

The SOL token, previously dubbed the “Ethereum killer,” has lost over 50% of its value since the beginning of November. Its price dropped from $36.88 to the current level of $11.35.

Long term investor Mike Alfred dismisses Solana for bitcoin
SOL/USD in 2022. Source: Coinmarketcap

What happened to SOL?

Solana was one of the platforms severely damaged by the infamous FTX exchange meltdown and the bankruptcy of Sam Bankman-Fried. The SBF greatly supported SOL, and several of its businesses made significant investments. One of these ventures was the $1.2 billion acquisition of SOL through their side business, Alameda Research. Furthermore, Almeida is said to have owned $1.15 billion in this token before selling it among other altcoins to halve the token. death FTX’s native token, FTT.

What Makes BTC So Unique?

Although the decentralized nature of Bitcoin Networks are often appreciated, there are drawbacks. Modifying the network can be challenging because no single entity is in charge of bitcoin. For example, fixing a software flaw would be incredibly challenging without the support of the vast majority of consumers.

Other cryptocurrencies were developed with different purposes in mind. are something like Ethereum, aims to provide a platform for decentralized apps. Others, such as Litecoin, attempt to be more user-friendly and affordable than bitcoin. To increase the block size of bitcoin and enable it to process more transactions per second, bitcoin cash was forked.

Bitcoin offers a number of unique features, proving to be a valuable digital asset for individuals and businesses. Due to its decentralized structure, it is impervious to corruption, and its lack of borders enables quick and direct international transfers. This makes bitcoin the most desirable piece of digital asset ever created.

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