US Top Banking Exec Backs Ethereum Over Bitcoin

It should come as no surprise that the executives at the top of the banking world are taking notice of cryptocurrencies and the power and success of Blockchain-based financial models.

One such executive is Mike McGovern, the new head of Investor Services Fintech Offerings at Brown Brothers Harriman & Co, among America’s oldest private banks.

McGovern said,

"When looking at Bitcoin Blockchain versus Ethereum, there's no doubt Ethereum is superior. It doesn't cost as much to mine Ether tokens because it requires less electricity than Bitcoin. Ethereum is not only cheaper than Bitcoin, it is also more robust and has more applications outside of simply financial transactions such as represent virtual shares, assets, proof of membership, and more..”

McGovern’s comments are also reflective of the bank’s financial decisions, as they have been following and investing in Ethereum over the past five years. Other capital companies are doing the same, like MGT Capital who has begun mining Ethereum for profit.

Ethereum has maintained it’s price point with Bitcoin, even though the volatility has increased over the past month. In spite of price fluctuations and some apparently nefarious trading, the cryptocurrency continues to maintain its popularity.