#BTC☀

BlackRock: Bitcoin is a "gold alternative" and Ethereum is a "technological bet", why?

BlackRock, the world's largest asset management company, recently expressed its views on Bitcoin (BTC) and Ethereum (ETH).

At the Digital Asset Conference in Brazil, BlackRock's Robbie Mitnick said that BTC is like gold, and even stronger than gold in some aspects, and is a "safe haven" asset. He sees BTC as a sound currency and a good tool to combat the decline in government trust and the depreciation of fiat currencies.

But when it comes to ETH, Mitnick changed his tone and said that ETH is more like a "risk asset", just like US stocks, it is a speculation on whether blockchain technology can be widely accepted.

Simply put, BTC is a currency alternative, while ETH is more like a technological gamble.

Some people agree with Mitnick's statement that BTC is a "currency" and the inflation pressure is much smaller than the fiat currency that depreciates year by year. Moreover, since the inflation rate of ETH has risen, it is no longer a "super reliable" currency.

If Mitnick is right, BTC may continue to rise and ETH may fall during times of geopolitical tension.

BlackRock’s views are important because it is the industry leader and everyone believes in it. Like Grayscale, BlackRock is also involved in the promotion and approval of the US spot BTC ETF.

BlackRock’s BTC ETF, the iShares Bitcoin Trust (IBIT), has performed particularly well, making $1.1 billion since it began trading in July.

As the world’s largest asset management company, BlackRock’s views may influence other investors’ views. Some market observers feel that the message is clear: Bitcoin is a currency, and other cryptocurrencies are speculative.

Right now, BTC is priced at $62,000, down 5% this week. ETH is priced at $24,000, down 8.5% this week.

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