The approval of the Ethereum ETF left the world in awe especially through the Securities and Exchange Commission (SEC). This came as a shock to me alongside many others (and most in the Bitcoin community) who had expected the SEC to disapprove the application for the Ethereum ETFs.

Ultimately, it comes down to a core economic question: In other words, is it a substitute or a complement to Bitcoin? Some argue that they are complementary: The US dollars that are put into Ethereum will bring in new US dollars into Bitcoin from other assets such as equities and bonds. However, I think that they are in fact substitutes for one another. There is a given amount of attention people pay to cryptocurrencies and if some of that is directed towards Ethereum, it is at the expense of the investment in Bitcoin.

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