Ripple’s CTO, David Schwartz, recently shared that Bitcoin may stay the key currency despite the rapid evolution of the crypto world. In the recent post, he reacted on Ethereum’s price which climbed past $3,000. However, he reminded followers that price is not everything.
In the post on X, Schwartz said, “I always feel good when prices are high because I hate to think that people are losing money.” However, he added that he’s unsure how much attention should really be given to price, as it often doesn’t reflect real-world impact or problem-solving. He clarified that price rarely reflects real value or utility in the short run.
Schwartz then spoke at length about Bitcoin’s present and future role. He believes Bitcoin’s strength lies in its solid Layer 1 design and early market entry, which could help it remain relevant even if most BTC transactions happen outside the Bitcoin blockchain in the future.
“The hope for Bitcoin is that its solid layer one and early start will secure it a position as a currency of choice in an evolving digital asset ecosystem, even if the vast majority of its transactions don’t take place on Bitcoin’s layer one,” he said.
To illustrate the point, Schwartz referenced XRP being used on Ethereum-compatible sidechains. Even though it’s not a direct use on the XRP Ledger (XRPL), it still adds to XRP’s utility. The same is true for Bitcoin, which is now widely used in DeFi platforms and wrapped formats across other chains.
“Bitcoin can derive value and utility from its use on other chains and layers as well as on centralized exchanges and financial services,” he explained.
Schwartz urged the crypto community to shift focus from short-term price movements to long-term impact. He believes Bitcoin can still thrive as a currency backbone in the global digital economy in case its native blockchain use declines.
“A robust, healthy proof-of-work backbone that people always have the option of using may protect Bitcoin’s place—even if it can’t match the native functionality of competing digital assets,” he concluded.
Also Read: Ripple CTO David Proposes Fee Refund Model for XRP Ledger
