- A Deutsche Bank analyst has called Ethereum “digital silver” in comparison to Bitcoin’s role as “digital gold”
- Marion Laboure said that Ethereum’s functionality and multiple use cases were a huge advantage
- JPMorgan said last week that institutional interest in Ethereum is outgrowing that of Bitcoin
Deutsche Bank has called Ethereum “digital silver” in comparison to Bitcoin’s role as digital gold in a move that will annoy Litecoin supporters. Litecoin has long been called the silver to Bitcoin’s gold, but it has been some time since that comparison was legitimate given Ethereum’s growth compared with Litecoin’s stagnation. The statement echoes the feelings of other banks such as JPMorgan and Goldman Sachs, who have both made positive noises about Ethereum this year.
Ethereum’s Adaptability Is Key to Its Reputation
Deutsche Bank released a report this week in which analyst Marion Laboure declared that she could “potentially see Bitcoin to become the 21st century gold” but, in that scenario, “Ethereum would then be the “digital silver””.
Laboure stated that Bitcoin had first mover advantage but that Ethereum “offers many applications and use cases, such as decentralized finance (DeFi) and non-fungible token (NFT)” which is why it will remain the premiere smart contract platform, despite plenty of competition now and in the future.
Litecoin Deposed as Digital Silver
Laboure’s bullishness on Ethereum echoes the sentiments of other top banks, with JPMorgan stating last week that it is seeing greater institutional interest in Ethereum than Bitcoin and saying that it had the potential to become the “Amazon of information”.
Litecoin used to be referred to as the silver to Bitcoin’s gold when it first came out due to its higher transactional speed and lower fees, but it has slipped far down the pecking order in terms of its usefulness as a transactional cryptocurrency, except for when Reuters falls for fake press releases about it.