Martin Shkreli Prefers Algorand To Bitcoin

#Controversialfigure Martin Shkreli took to Twitter Spaces — broadcasting live from his Brooklyn halfway house — and talked all things web3. The broadcast reached as many as 4,000 concurrent viewers. 

Covered:

  • Martin Shkreli Surprise Twitter Space
  • Shkreli On Bitcoin v. Crypto

Martin Shkreli Surprise Twitter Space

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Fresh out the clink, Martin Shkreli took to Twitter Spaces and mostly talked about his pivot to Web3. If the luminaries in attendance were any indication (Marc Andreesen and Brian Armstrong, among others), the industry appears intrigued. The feeling appears mutual from Shkreli, but it’s unclear if that means anything at this point.

From the sounds of it, Shkreli is “planning to launch a company in the next 6 months…” but he didn’t specify if it would be in Web3 or not. He also said it’s unwise to “assume” that he isn’t already involved anonymously in certain projects. Though, it should be noted he said that half-laughing, and consequently, shouldn’t be taken as fact, necessarily.

Shkreli is famous for having raised the price of Daraprim. But, his stint in prison was thanks to betraying the game some securities fraud he had committed in the past. Despite all the uproar over what he did, there has been no meaningful legislation put forward that limits price hikes on life-saving medication.

Despite his very real interest in Web3, he isn’t totally sold on it. “I’m not so sure web2 and web 3 are that different,” Shkreli said. Though, he’s even less sold on Bitcoin. 

Recommended: Algorand Founder Silvio Micali Thinks Agrotoken Is A “Billion-Dollar Opportunity’

Shkreli On Bitcoin v. Crypto

“I’m actually bearish on Bitcoin, which is weird for a crypto bro. I can see the articles now, pharma bro becomes crypto bro,” Shkreli answering a question on Bitcoin’s ability to be traded based on its energy consumption.

“I do think it’s still ridiculous that this thing should consume energy at all… You could be cryptographically secure without,” Shkreli added. “… I don’t think that’s true. If you look at Algorand or other sort of proof of stake coins, there are other ways to solve this.”

Shkreli believes that the value moving forward is in utility tokens and not in store of value tokens. Tokens like Algorand can solve the blockchain trilemma — which Shkreli thinks isn’t a real thing BTW — of scalability, security, and decentralization without resorting to the energy consumption required to power Bitcoin.

It’s not just Algorand, either. Shkreli cited Ethereum, Solana, Filecoin, and Arweave. In particularly he says he’s “really, really bullish” on the latter two.

The so-called s**tcoin counterargument by the Bitcoin community typically points to the network effect of Bitcoin. Bitcoin, being the first of its kind, has an advantage when it comes to adoption. However, as Shkreli points out, the tech isn’t up to snuff.

“I just think in the long run, the whole idea of the whole world built on this very flawed coin. The biggest argument is the so-called Lindy Effect… the more users of a network, the more valuable it is. You have this sort of first-mover advantage, but if you look at the history of technology, there are plenty of technologies that were usurped pretty quickly. Just because you get entrenched, it doesn’t mean you’re there forever.”

His critique of Bitcoin isn’t damning by any means because as he points out, his being a shortseller makes him a skeptic at heart. Nevertheless, the ex-pharma exec also thinks Bitcoin can grow as large as 500k per coin.

Recommended: Musk Family Invests In Algorand

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