Ripple CTO David Schwartz considers Bitcoin as the foundation of the digital asset ecosystem

Ripple technology director David Schwartz said that Bitcoin’s value could reside in its fundamental role as a secure and minimized layer of settlement, rather than its direct use on its basic channel. He suggested that this role could support its long -term relevance, even if more recent blockchains offer more advanced features.

“The set of real problems of the real world solved by cryptocurrencies today is really small. But I think that hope for bitcoin is that its solid solid layer and early start will guarantee it a position of currency of choice in an evolutionary digital asset ecosystem even if the vast majority of its transactions do not take place on the Bitcoin layer”, said Schwartz replied to the question of an X user on the problem that Bitcoin solves today.

“Maybe a robust and healthy backbone thorn that people have the possibility of using will continue to protect the place of Bitcoin even if it cannot correspond to the native functionality of competing digital assets,” he added.

Schwartz also underlined the growing use of bitcoin on other layers and platforms as proof that the Bitcoin utility extends far beyond the main channel.

He compared this to XRP used on an EVM compatible scale, where it retains the usefulness of currency even if it is not transgrated directly on the large XRP book.

“A good analogy is that XRP is used as a currency on the EVM Sidechain. It is not a direct use of XRP on XRPL, but it is always part of the usefulness and value or XRP as money,” said Schwartz. “Bitcoin is used in many more places than on the Bitcoin blockchain itself.”

Bitcoin exceeded $ 123,000 on Monday, raising its market capitalization to a record of 2.4 billions of dollars. It is now classified as the most precious sixth active in the world in terms of market capitalization, back only Gold, Nvidia, Microsoft, Apple and Amazon, according to Companiesmarketcap.