Bitwise CEO: Ethereum’s Rival Is Web2, Not Bitcoin

• Bitwise CEO says Ethereum competes with Web2, not Bitcoin
• Ethereum’s role is evolving beyond crypto rankings
• Future lies in blockchain use-case differentiation

Bitwise CEO Hunter Horsley has offered a fresh take on Ethereum ’s place in the crypto world. In his view, Ethereum isn’t locked in a race against Bitcoin . Instead, it’s in direct competition with Web2 platforms and legacy financial services.

This shift in perspective moves Ethereum away from being “Bitcoin’s runner-up” and positions it as a challenger to systems like PayPal, Google Cloud, and Wall Street infrastructure. While Bitcoin remains focused on being digital gold, Ethereum is building the foundation for decentralized apps, finance, and digital identity.

Ethereum’s real mission? Replacing or improving the services currently run by centralized tech and finance giants.

Leaving the CoinMarketCap Era Behind

Horsley also believes the crypto industry is growing out of the “CoinMarketCap era,” where success was measured mostly by price rankings. According to him, this outdated model doesn’t reflect what modern blockchains actually do.

Ethereum, for example, is increasingly seen as a tool for creating real-world applications. From NFT marketplaces to DeFi platforms, it offers developers a flexible base to build on — something Bitcoin doesn’t aim to do.

The focus is shifting from token price to utility. That means blockchains will be evaluated based on what they enable, not how high they sit on a chart.

The Future Is Use Case-Driven

As crypto matures, it’s becoming clearer that each blockchain serves different needs. Horsley’s message is that Ethereum shouldn’t be judged on the same criteria as Bitcoin. It has a different goal: to offer a decentralized alternative to Web2 tech and financial systems.

Whether it’s powering decentralized exchanges or supporting Web3 social networks, Ethereum is leading the charge in turning the internet into something more open, secure, and user-controlled.

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