Ripple CTO David Schwartz thinks XRP can be used as a global reserve currency and an alternative to the US dollar. Although a digital asset may replace the US dollar in the future, the general opinion for now is BTC. Speaking during a Twitter discussion hosted by community member XRPStewie, Schwartz believes that scenarios where digital assets will be used as full-fledged reserve currency are indeed possible.
Ripple CTO said that the US dollar is now the reserve currency for most countries. However, according to Schwartz, many countries are exploring currency alternatives that could offer new opportunities. Small financial institutions often use software solutions developed by large banks. Schwartz says this is because big players want to impose their own products.
Although Ripple CTO Schwartz thinks that cryptocurrencies can be a reserve currency, there are many industry officials in the cryptocurrency industry who disagree. For example, Cardano founder Charles Hoskinson previously stated that an international currency should be both a means of exchange and savings, but Bitcoin does not have these features.