For IT specialist Kaj Burchardi, whether ethereum eventually unseats bitcoin as the crypto king is “pretty much irrelevant” since the two don’t directly compete with one another.
“The purpose of why you buy bitcoin, from a mindset perspective, and what you actually want to do with that is fundamentally different than when you use ethereum,” said Burchardi, managing director of BCG Platinion, the IT-focused division of Boston Consulting Group.
“Ethereum … is not a use case. It’s providing possibilities of implementing really good use cases like NFTs [nonfungible tokens] and banking products on a platform. Bitcoin is a use case.”
Meanwhile, Bitcoin added 6% at $24,507, reaching an almost two-week high, while Binance’s BNB token surged 3% higher at $330.