Dawn Fitzpatrick, COO of Industry Organizations at Soros Fund Management, doubled down on her pro-crypto stance, predicting that the plus category is here to stay. She believes climate impact may play a significant role within the industry and as such Ethereum will likely achieve much more traction than Bitcoin. In an interview for Bloomberg, yank broker Dawn Fitzpatrick made public the recent progress of the cryptocurrency sector. She specifically, she opined that she has gone through Fidelity’s call to allow investors to include bitcoin in their 401(k) retirement plans.
Will Ethereum beat the distinguished crypto?
Fitzpatrick believes that environmental impact will be a vital feature in the future, and may indicate that digital assets may gain traction. That said, Ethereum embraces the possibility of “gaining a lot of traction” than Bitcoin, as it stands alone thanks to the switch from the energy-intensive proof-of-work mining model to proof-of-stake.
The community anticipates the process, called “The Merger,” at intervals, as Vitalik Buterin’s blockchain product will take a greener approach. Ethereum (like Bitcoin) needs a significant amount of energy to power its supercomputers. According to some estimates, it consumes about 112 terawatt-hours of electricity per year, which is used by Asian countries or the Philippines.
A few weeks ago, Buterin said “The Merge” would likely happen late this summer or early fall. Fitzpatrick also touched on blockchain technology, stating that companies within the area “have large treasury accounts,” which creates short-term vulnerability. At the same time, “blockchain technology will have some interesting applications,” the manager predicted.
Should investors avoid Bitcoin then?
It is worth mentioning that Fitzpatrick is also in favor of the first cryptocurrency, despite his many optimistic views on Ethereum. He argued that BTC had emerged as just a hedge against inflation many months ago. She is not sure that Bitcoin is seen simply as a hedge against inflation here. What’s more, she believes she has crossed the gap with the mainstream. Additionally, she said that Soros Fund Management owns some digital assets, though not a large amount. The company started trading BTC last summer, while other cryptocurrencies have also caught its eye.
Soros Fund Management may be a non-public investment management company based primarily in New York. Established in 1970 by the martyr Soros, it is currently among the most profitable entities within the hedge fund industry. At the end of 2021, it had more than $7 billion under management.