AllianceDAO founder says Layer 1s can hedge major Bitcoin risks

Layer 1 cryptocurrencies, including Ethereum (ETH), can hedge against Bitcoin's long-term risks and are not currently overvalued, according to AllianceDAO founder Qiao Wang. In a statement on X, Wang said that while he still believes BTC is the most likely asset to replace gold, Layer 1s can solve Bitcoin's primary long-term challenges related to its security budget and the need for quantum resistance. He described this as the most plausible reason to hold Layer 1 cryptocurrencies.