The asset manager praised BTC as a global monetary alternative and excellent hedge against decreasing trust in governments and relentless devaluation of fiat currencies. In contrast, ETH was presented as a speculative bet on blockchain technology, an investment that Mitchnick likened to American stocks. The statement was not meant to be negative towards Ethereum, as the wealth management company highlighted the network’s strength and the potential inherent in its technology. Robbie Mitchnick, BlackRock’s head of digital assets, stated that Ethereum is more of a long-term technological bet that the blockchain will provide more use cases and value for the economy in the future.
Part of the crypto community echoed Mitchnick’s speech, emphasizing that BTC is seen as “money” with less inflationary pressure compared to fiat currencies which lose value annually. This led to the ongoing debate: ETH is not money. In fact, since the introduction of Blobs earlier this year, Ethereum’s inflation has surged, making it less of an “ultra sound money.” The discussion highlighted the differing opinions on the roles and characteristics of BTC and ETH in the crypto market.
Overall, BlackRock’s perspective on BTC and ETH sheds light on the contrasting views within the crypto community regarding the nature and potential of these digital assets. While BTC is lauded as a monetary alternative and hedge, ETH is considered more of a speculative investment on blockchain technology’s future applications. The debate over the status of ETH as money and the inflationary trends within the cryptocurrency market continue to shape discussions and investment strategies in the evolving landscape of digital assets.
Original article published at: https://www.bitcoinbazis.hu/blackrock-bitcoin-ethereum/