Manager of George Soros’ Fortune Remains Optimistic on Cryptocurrencies Despite Recent Correction
In a recent interview with Bloomberg, Don Fitzpatrick, CEO of Soros Fund Management, Predicted That Ethereum will gain “more traction” than Bitcoin.
Fitzpatrick claims that climate impact will increasingly come into focus. This could hinder the adoption of bitcoin, which relies on the energy-gazzling proof-of-work consensus algorithm.
Ethereum is expected to dramatically reduce its power consumption by transitioning to proof-of-stake later this year. as Reported by U.TodayCo-founder Vitalik Buterin said the merge upgrade could happen as early as this August.
Overall, he believes that crypto is here to stay, adding that it has become mainstream. The manager of the fortune of billionaire George Soros is also convinced that blockchain is going to have some great applications.
He pointed to the fact that mutual fund giant Fidelity recently announced that its clients would be able to invest a portion of their retirement funds in bitcoin, a move that could significantly boost cryptocurrency adoption. can increase.Last October, Fitzpatrick confirmed that Soros’ family fund held some bitcoin.
At the same time, Fitzpatrick believes that companies holding their Treasury funds primarily in crypto are vulnerable in the short term.
Cryptocurrency prices have been under extreme pressure over the past few months, with Bitcoin suffering nine consecutive weeks of losses.
Bitcoin and Ethereum are down 54% and 60.49% from their record peaks, according to data provided by coingeco, The market has been affected by the enthusiasm of the Federal Reserve.
Fitzpatrick told Bloomberg that the US economy would be able to absorb the Fed’s rate hikes without heading into recession.