Jeff Dorman is one of the earliest traditional credit and equity traders to fully pivot into digital assets, bringing a structured credit and distressed-debt mindset from firms like Merrill Lynch and Citadel to token investing by emphasizing balance sheets, cash flows, and covenant-style analysis rather than momentum or narratives alone. He advocates for the tokenization of everything and frames crypto as a new capital markets structure rather than just a new asset class, consistently arguing that most value will accrue to non-currency tokens like asset-backed, revenue-sharing, or utility tokens rather than layer-1 coins.