BlackRock Executive: Bitcoin and Ethereum are not competitors, but rather complementary

ChainCatcher news, according to The Block, BlackRock's head of digital assets Robert Mitchnick stated at the Bitcoin 2024 conference that despite the launch of a spot Ethereum ETF this week, it is unlikely that funds tracking other crypto assets will emerge.

He believes that Bitcoin and Ethereum are not competitors, but rather complementary. Bitcoin serves as a global currency alternative, while Ethereum is a technological platform.

Mitchnick pointed out that although there are currently no completely clear regulatory guidelines, the SEC has explicitly stated that it will not approve spot Ethereum ETFs with staking components. Mitchnick believes that crypto assets as a category will not disappear and there will be more opportunities to enter the market. For example, competitor VanEck is the first company to apply for a Solana ETF, but experts believe the chances of that ETF being approved are slim.