The asset manager praised BTC as a global monetary alternative and excellent hedge against decreasing trust in governments and relentless devaluation of fiat currencies. On the other hand, ETH was presented as a speculative bet on blockchain technology, an investment likened to American stocks by Mitchnick. The statement did not target Ethereum negatively, with the wealth management company highlighting the network’s strength and the potential within its technology.
Robbie Mitchnick, BlackRock’s head of digital assets, emphasized that Ethereum represents a long-term technological bet, suggesting that the blockchain will provide more use cases and value to the economy in the future. Some in the crypto community supported Mitchnick’s speech, noting that BTC is seen as money with less inflationary pressure compared to fiat currencies that lose value annually. However, this sparked the ongoing debate that ETH is not money, especially with the surge in inflation since the introduction of Blobs earlier in the year, making it less of an “ultra sound money.”
The growing discussion highlights contrasting views on BTC and ETH within the crypto space, shedding light on their roles as monetary alternatives and speculative investments, respectively. While BTC is praised for its stability against inflation, ETH’s role in providing technological solutions and driving innovation in the blockchain space remains a topic of interest among investors and industry experts.
Original article published at: https://www.bitcoinbazis.hu/blackrock-bitcoin-ethereum/