Uh, oh, here we go with experts, analysts and cheerleaders touting cryptocurrencies.
Remember when Tesla CEO Elon Musk helped dictate bitcoin’s price recently?
Now, a former Guggenheim Partners exec is saying bitcoin isn’t going to maintain its place atop the best of the bunch.
Todd Morley, co-founder of the investment giant – and, according to a Forbes story, is now a “crypto and blockchain investor and entrepreneur,” believes ethereum has more upside.
“Ethereum, to me, has a much higher utility through smart contracts,” Morley told Bloomberg TV,
“Technologies that began, as described as, bitcoin are moving very rapidly into other parts of the world. The app developers of ethereum are growing at 20x for the past six years straight, much, much faster than Moore’s Law, so that’s where the action is.”
From Forbes: “Moore’s law, coined by the engineer Gordon Moore in 1965, posits computing speeds double every couple of years along with the number of transistors per silicon chip.”
Ethereum backers hope for decentralized finance — using its technology to recreate traditional financial tools such as loans and interest, inheriting the role of banks by using blockchain-based tech.
Ethereum also has a huge stake in non-fungible tokens (NFTs exist and are issued largely on ethereum’s blockchain).
You’ve seen the rise in crypto prices, but you’ve focused on bitcoin, right? Here’s a stat from Forbes: The ethereum price has risen almost 1,000% compared to bitcoin’s 300%.
It’s not just the former Guggenheim guy, though. Last month, Goldman Sachs analysts called ethereum the “Amazon of information,” writing, “Given the importance of real uses in determining the store of value, ether has a high chance of overtaking bitcoin as a dominant store of value.”
And Mark Cuban said he expects ethereum’s imminent upgrade will escalate its development of apps to “dwarf” bitcoin.