Ethereum Has "Much Higher Utility" Than Bitcoin: Guggenheim Co-Founder

Key Takeaways

  • In a Bloomberg TV interview, Guggenheim co-founder Todd Morley said that Ethereum has “much higher utility” than Bitcoin.
  • He added that any business without a plan to digitize faces going out of business in the future.
  • His new venture Overline Network is building the highest skyscraper in New York and plans to host the world’s largest NFT museum.

Todd Morley, Guggenheim co-founder and Chairman of Overline Network, stated that Ethereum has “much higher utility” than its more popular predecessor. He also explained how Overline Network plans to use the smart contract chain to create a new type of crypto exchange and NFT museum.

Guggenheim Co-Founder Backs Ethereum

Todd Morley, one of the co-founders of asset management giant Guggenheim Partners, has said that Ethereum has “much higher utility” than Bitcoin.

In a recent Bloomberg TV interview, Morley talked about his new blockchain interoperability venture Overline Network, which bills itself as a decentralized marketplace for trading across blockchains without wrapping assets or paying gas fees. When prompted on his interest in Bitcoin, Morley said that it was “a thing,” before noting that Ethereum has “much higher utility through smart contracts.”

He added that many industries would become digitized and that any firm without a technology strategy to evolve to the change would be “going out of business.”

When speaking about Ethereum, he highlighted the rapid rate of development, referencing the Moore’s law projection. He said:

“The app developers on Ethereum are growing at 20x the prior year for the sixth year straight, much much faster than Moore’s law.”

Morley also has plans to build the highest skyscraper in New York alongside real-estate development group JDS to create what’s been referred to as the “blockchain tower.” This tower will host the world’s largest NFT museum, Morley revealed.

Guggenheim Partners is well-known for its cultural pursuits. The firm famously launched New York’s Guggenheim Museum. One of its investment funds has also recently purchased more than $500 million worth of Grayscale’s Bitcoin Trust.

Disclaimer: The author held BTC, ETH, and several other cryptocurrencies at the time of writing.

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