Ethereum Has Much Higher Utility Than Bitcoin, Says Guggenheim Co-Founder
Todd Morley – co-founder of Guggenheim Partners and chairman of the blockchain project Overline – said that Ethereum has ”much higher utility” than Bitcoin. Additionally, he outlined ETH’s rapid development progress.
ETH Is More Than a ‘Thing’
In a recent Bloomberg interview, Todd Morley – a former executive of the global investment company Guggenheim Partners – compared the utilization of the networks behind the top two digital assets. However, he was short-spoken about Bitcoin, calling it a ”thing”.
On the other hand, he praised the functionality and structure of Ethereum. According to him, the blockchain project behind the second-largest cryptocurrency ”has a much higher utility through smart contracts.” Morley added that app developers on Ethereum grow rapidly, multiplying by 20x for six years straight.
Moreover, Overline’s chairman outlined the importance of digitizing to any industry nowadays. He warned that each sector will experience severe difficulties and even ”go out of business” unless it implements blockchain technology in its system. The insurance industry is a prime example, which needs a technology strategy for its future advancement.
At the end of the interview, Guggenheim’s co-founder talked about the world’s largest NFT museum that he is building. He believes Guggenheim Partners is very interested in modern infrastructure, aiming to introduce investors to the crypto community and become a ”global digital ambassador.”
Will ETH Overpower BTC?
Following ETH’s rapidly appreciating price during the first months of 2021, many other prominent investors commented on the rivalry between the two largest cryptocurrencies.
Changpeng Zhao – the head of Binance – explained the reason behind Ethereum’s progress. He noted that people need alternative coins for the new type of financial activities, which may drive the price of ether up:
”All of those use cases are moving right now and people need the other coins to do this type of new transaction. Ethereum is one of those clear examples. That’s probably why Ether is going up.”
Although CZ outlined that BTC and ETH could co-exist “for a while,” he dismissed any chances of a more permanent bond as the primary cryptocurrency is issued only for transferring value. At the same time, the second-largest digital asset is a more complex system that operates on another level.
A few days later, the billionaire owner of the Dallas Mavericks – Mark Cuban – revealed his three reasons why Ethereum will eventually ”dwarf” Bitcoin.
The entrepreneur believes that ETH is superior to BTC because it allows many more transactions per second and is capable of supporting smart contracts.
As a third reason, Cuban pointed out that development efforts in Ethereum’s network surpass those of Bitcoin:
”The number of transactions and the diversity of transaction types along with the development efforts in Ethereum will dwarf Bitcoin. The utilization of Ethereum is much higher.”
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