BlackRock executive: Bitcoin and Ethereum are not competitors, but complementary relationships
2024-07-26 00:40:24
On July 26th, according to The Block, Robert Mitchnick, head of digital assets at BlackRock, said at the Bitcoin 2024 conference that despite the launch of a spot Ethereum ETF this week, it is unlikely that there will be funds tracking other crypto assets. He believes that Bitcoin and Ethereum are not competitors, but rather complementary relationships. Bitcoin acts as a global currency alternative, while Ethereum is a technology platform. Mitchnick pointed out that although there is no fully clear regulatory guidance yet, the SEC has made it clear that it will not approve a spot Ethereum ETF with a staking component. Mitchnick believes that crypto assets as a class will not disappear and will have more opportunities to enter the market. For example, competitor VanEck is the first company to apply to launch a SolanaETF, but experts believe that the possibility of this ETF being approved is very small.
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