Is Bitcoin (BTC) "digital gold"? Ethereum (ETH) "digital oil"?

Bitcoin is beginning to be referred to as "digital gold" while Ethereum (Ether) is referred to as "digital oil". These are strong commodity metaphors that can be useful for investors. These turns of the phrase are based on their fundamental use and provides a framework for where their growth may be headed. Of course, metaphors are not perfect, but they do provide a point for discussion.

Bitcoin is mainly a store of value and has taken on the features of gold for many investors. Gold has been the alternative to fiat currencies. For many, the limited supply relative to fiat currencies make bitcoin a worthy substitute. It also has the characteristics of gold in that it is not easy and cheap to use as a medium of exchange. It can fill this exchange role given its dominance in the marketplace; however, other cryptocurrencies may do it better. The metaphor breaks down when the volatility of Bitcoin is compared with gold. A chart of the differences makes gold look like it has flat-lined over the last few years.

Ethereum is general purpose blockchain developed for smart contracts and Decentralized apps. As a network and platform, it allows for innovation and other alternative uses within the crypto ecosystem, smart coins; consequently, it has characteristics of a "fuel". The platform allows for conversions at low cost. This ability to be used as a platform for other medium of exchange activities suggest that it may surpass BTC as tool for crypto growth. 

To further push this metaphor, holding BTC and ETH is like holding a basket of commodities. Both have unique value.