Ripple CTO Backs CZ Against Schiff, Says Bitcoin Network Cannot Be Replicated

Ripple Chief Technology Officer David Schwartz entered the ongoing debate about whether Bitcoin can be replicated, arguing that copying the code doesn't replicate the network. His comments followed a heated exchange between Binance founder Changpeng Zhao and Bitcoin critic Peter Schiff at Binance Blockchain Week.

What Happened: CTO Challenges Replication

Schiff told the conference that gold-backed tokens carry physical utility because they represent ownership of a scarce commodity used across industries. Bitcoin derives its value from faith and has no practical use, he said.

Zhao countered that physical gold is difficult to divide or verify without specialized tools. He said he once received a gold bar as a gift but couldn't break it or confirm its purity. Bitcoin can be transferred and verified instantly through the blockchain, he said.

Schiff responded that Bitcoin remains worthless to him because you can't do anything with it, while gold carries industrial demand.

Zhao pushed back, saying Bitcoin's utility comes from its transparent network, fixed supply and verifiable ownership. Unlike gold, whose total global reserves remain uncertain, Bitcoin offers perfect clarity about supply and movement, he said.