The asset manager praised BTC as a global monetary alternative and excellent hedge against decreasing trust in governments and the relentless devaluation of fiat currencies. On the other hand, ETH was presented as a speculative bet on blockchain technology, categorized as an investment similar to American stocks by Mitchnick, the head of digital assets at BlackRock. However, the statement was not intended to be against Ethereum, as the wealth management company highlighted the strength of the network and the potential in its technology.
Some members of the crypto community agreed with Mitchnick’s speech, emphasizing that BTC is considered “money” with less inflationary pressure than fiat currencies, which lose value annually. This sparked the ongoing debate that ETH is not money. Since the introduction of Blobs earlier this year, the inflation of ETH has surged, making it less of an “ultra sound money.” The discussion further emphasized the contrasting roles and perceptions of Bitcoin and Ethereum in the evolving digital asset landscape.
While BTC seemed to emerge superior in terms of being a global monetary alternative and a safe haven against currency devaluation, ETH faced scrutiny regarding its inflation and suitability as a form of money. The varying perspectives and analysis showcased the complex dynamics within the cryptocurrency market and the ongoing discussions around the roles and potentials of different digital assets in the financial ecosystem.
Original article published at: https://www.bitcoinbazis.hu/blackrock-bitcoin-ethereum/