George Soros’ asset manager remains bullish on crypto despite the recent correction.
In a recent interview with Bloomberg, Dawn Fitzpatrick, CEO of Soros Fund Management, predicted that Ethereum will gain “more traction” than Bitcoin.
Fitzpatrick claims that climate impact will become increasingly prominent. This could hinder Bitcoin adoption as BTC is still based on the POW algorithm.
Ethereum is expected to significantly reduce power consumption by moving to proof of stake later this year. ETH co-founder Vitalik Buterin said the upgrade could happen as early as this August.
Overall, she believes that cryptocurrency will be used by people for a long time and it has become mainstream. Billionaire wealth manager George Soros also believes blockchain will have some great applications.
She cited that giant Fidelity recently announced that its clients can invest part of their pension funds in Bitcoin, a move that could significantly boost crypto adoption.
Last October, Fitzpatrick confirmed that Soros’ family foundation owned some Bitcoin.
Cryptocurrency prices have been under extreme pressure over the past few months, with Bitcoin having nine consecutive red weekly candles.
Bitcoin and Ethereum are down 54% and 60.49% respectively from their peaks. The market has been affected by the tightening policy of the Federal Reserve.