Benzinga - With the imminent decision about spot Ethereum (CRYPTO: ETH) ETFs potentially shifting the limelight away from Bitcoin (CRYPTO: BTC), a crypto trader pointed out what several big names in traditional finance have said about ETH.
What Happened: Evanss6 highlighted quotes from several prominent figures, such as Ken Griffin, who believes Ethereum will eventually replace Bitcoin (CRYPTO: BTC), and Carl Icahn, who prefers Ethereum over Bitcoin, viewing it as both a store of value and a payment system.
"Big TradFi won't buy ETH""It's too complicated. These guys are conservative. They don't understand it"
Ken Griffin: "Ethereum will replace Bitcoin"
Carl Icahn: "prefers Ethereum over Bitcoin, it's a store of value and a payment system"
Stanley Druckenmiller: "predicts… pic.twitter.com/6t1CNB5VpE
— Evanss6 (@Evan_ss6) May 22, 2024
He also cited Stanley Druckenmiller, who predicts Ethereum might dominate Bitcoin, and Ray Dalio, who owns both BTC and ETH and sees a place for crypto in investment portfolios. Furthermore, Jamie Dimon was noted for his criticism of Bitcoin but acknowledgment of Ethereum’s use cases.
Additionally, Paul Tudor Jones described Ethereum as an "industrial digital asset" and part of the "Fourth Industrial Revolution," emphasizing the development of protocols that interact with traditional companies. Larry Fink was quoted discussing tokenization and the potential for a decentralized ledger-based financial system.
Evanss6 concluded that traditional finance leaders are very much interested in Ethereum, despite it nominally being much smaller than Bitcoin.
Also Read: What Would Ethereum ETF Approval Mean For The Price Of ETH?
Why It Matters: The quotes highlight the interest from major financial institutions to fully embrace Ethereum, recognizing its potential for tokenization and other use cases.
While Ethereum’s market capitalization of $450 million is a fraction of Bitcoin’s $1.3 billion, its versatility is tipped to become a major asset if it is fully embraced by traditional finance. However, doubts remain whether Ethereum can fulfill its potential, with Bitcoin advocates pointing out that Ethereum’s complexity makes it intentionally confusing.
What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Ethereum ETF Decision Looms: What To Watch Out For Today
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