Todd Morley, co-founder and former executive of Guggenheim Partners, said Ethereum has "superior utility" than Bitcoin.
Speaking on Bloomberg TV, Morley said that Bitcoin is "one thing", but "Ethereum has much higher utility to me through smart contracts."
According to Morley, any industry that does not have a technology strategy for digitization "fails". He gave an example of the insurance industry and said that such industries should have a technology strategy, or "suddenly something comes out and your Walkman looks like an abacus".
Blockchain technology is moving very fast to other parts of the world, according to Morley. He said the number of app developers on Ethereum, for example, has been growing rapidly for six consecutive years, "much faster than Moore's Law, so this is where the action takes place."
Moore's Law is the observation made by the American engineer Gordon Moore in 1965 that the number of transistors in a dense integrated circuit doubles approximately every two years. In other words, the speed and capacity of computers will increase every two years and people will pay less for it.
Morley said the large-scale implementation of apps on Ethereum and access to resources "hasn't quite happened, and so we hope to be a leader in this area."
Overline.Network
Morley is currently the president of the Overline Network blockchain project. Formerly Block Collider, Overline is an interop protocol designed to connect to the blockchain, allowing Bitcoin to connect to decentralized finance (DeFi) protocols, according to its website.
Earlier this year, Overline launched its decentralized marketplace called Interchange, which claims to allow collateral-based trading across multiple blockchains with no wrapped tokens or fees.
The Overline network has two tokens: Overline (OL) and Emblems (EMB). OL is the main token in the network while EMB is an ERC-20 token that provides bulk rewards to Overline miners who stake them.
As for Overline's business model, Morley said the project is expected to make money as OL's usage and value will increase over time. Additionally, as the world moves further towards tokenized assets, the digital asset may have more use cases.
It is one of the reasons why Overline, together with the JDS real estate development group, is building a new “blockchain tower” in New York. The tower, at 111 West 57th Street, will include "the largest NFT museum in the world," Morley said.
Morley also talked about the price swings in the cryptocurrency market during the interview and said "it's still a very small market, so it's illiquid", and that's just "typical of a young market."
But the usefulness of the cryptocurrency market, the way it connects people and the way it creates new levels of access is "truly spectacular," according to Morley. “We think it will be a very positive development for the world,” he closed.
