Bitwise CEO Hunter Horsley argues that Ethereum's main competition isn't Bitcoin, but rather traditional Web2 and legacy financial systems. Horsley emphasized this point on X, stating the industry is moving beyond simply valuing projects by market cap. He believes the next 6-12 months will reveal the diverse use cases and true potential of various blockchain projects. This perspective highlights Ethereum's ambition to disrupt established financial services through decentralized applications (dApps), smart contracts, and innovative financial instruments. By offering a more transparent and efficient alternative, Ethereum aims to challenge the status quo of traditional finance, rather than directly competing with Bitcoin's primary function as a store of value. The focus is on expanding the capabilities of finance, not just replicating existing systems on a blockchain. ```

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