The asset manager praised BTC as a global monetary alternative and excellent hedge against the decreasing trust in governments and the ruthless devaluation of fiat currencies. In contrast, ETH was portrayed as a speculative bet on blockchain technology, an investment that Mitchnick likened to American stocks. This statement was not intended to be against Ethereum, as the wealth management company highlighted the network’s strength and the potential hidden in its technology.
Mitchnick emphasized that Ethereum is more of a long-term technological bet on how the blockchain will provide more use cases and value to the economy in the future. Some in the crypto community agreed with Mitchnick’s speech, emphasizing that BTC is a “money” with lower inflationary pressure than fiat currencies that lose their value annually. However, this statement reignited the ongoing debate: ETH is not money. In fact, since the introduction of blobs at the beginning of this year, ETH’s inflation has surged, making it less of an “ultra sound money.”
Overall, the discussion around BTC and ETH reveals differing perspectives on their roles and potential as investments. While BTC is seen as a more stable monetary alternative, ETH is viewed as a technological bet with the potential for more use cases and value creation in the future. Both assets have distinct characteristics and are subject to ongoing evaluation within the crypto community.
Original article published at: https://www.bitcoinbazis.hu/blackrock-bitcoin-ethereum/