Dawn Fitzpatrick, chief executive and chief investment officer of Soros Fund Management, while stressing that crypto has already gone mainstream, has predicted that Ethereum could gain more traction than Bitcoin.
In a Bloomberg interview aired today, Fitzpatrick said that crypto is here to stay despite the looming risks of a global recession.
Speaking on “Bloomberg Wealth with David Rubenstein,” she said:
“[Crypto] is here to stay. I think it’s gone mainstream. Fidelity just announced you can put it in your 401(k). The one caveat I would say is, first of all, climate impact is going to become increasingly in focus. So, in that context, I think Ethereum is likely to gain some more traction over Bitcoin.”
The leading smart contract blockchain Ethereum is preparing to move away from the energy-intensive Proof-of-Work consensus mechanism to a significantly more environmentally-friendly Proof-of-Stake mechanism sometime later this year.
On Monday, the network’s only Proof-of-Work testnet, Ropsten, launched its own Proof-of-Stake beacon chain with plans to merge the two test chains on June 8.
According to one Ethereum developer, this could happen as soon as August, although Ethereum creator Vitalik Buterin has said that September or October may be more realistic.
Fitzpatrick also said that she thinks the markets might be wrong on how they’re pricing the recession risks, explaining that the U.S. consumers are in “extraordinarily” good shape and that the economy had some “shock absorbers built-in.”
Interestingly, despite appearing more bullish on Ethereum than Bitcoin, the Soros fund has only revealed that it holds Bitcoin and not any other cryptocurrencies to date.