A common framing of Bitcoin today is that itâs a savings technology. Digital gold. Something you hold, not something you use.
I think that framing is incomplete and ultimately wrong.
Bitcoin isnât meant to sit alongside fiat as a savings vehicle. Itâs meant to replace fiat as a monetary base. And a monetary base that cannot be used cannot function as money.
For Bitcoin to operate as money, it has to be usable at scale. That implies execution, settlement abstraction, faster interactions, and cost-efficient transactions. Bitcoin L1 is not designed for that, and shouldnât be. Its role is finality and neutrality.
This is why Bitcoin needs L2's.
Once you accept that Bitcoin needs L2s to be usable as money, you stop asking whether alts are competing with Bitcoin and start asking whether they are serving Bitcoin.
If acceptance of alts is even possible in the Bitcoin-first community, it wonât come from alternative monetary assets. It will only come from systems that keep Bitcoin as the unit of account/native asset, while extending its usability (crcucially, without weakening its guarantees). I.e. introducing auxiliary tokens ONLY where Bitcoin alone cannot perform the required coordination or incentive functions around things like expressiveness and yield.
Any non-BTC asset that has any chance of gaining legitimacy within this community will do so only by filling those gaps in a way that BTC itself cannot.