• Fitzpatrick of the George Soros Fund prefers Ethereum to Bitcoin

  • Soros Fund Management CEO Dawn Fitzpatrick anticipated that Ethereum would achieve “greater traction” than Bitcoin.

    Fitzpatrick believes that the impact of climate change will become more prominent. This might stymie Bitcoin’s adoption, as it is based on the energy-intensive proof-of-work consensus method.

    By switching to proof-of-stake later this year, Ethereum is projected to drastically lower its power consumption. Co-founder Vitalik Buterin stated that the merging upgrade might happen as early as August.

    Overall, she believes that cryptocurrency is here to stay, and that it has entered the mainstream. The manager of billionaire George Soros’ money believes blockchain will have many useful applications.

    She has cited the recent announcement by mutual fund company Fidelity that its users will be able to invest a percentage of their retirement assets in Bitcoin, a move that could greatly boost cryptocurrency adoption.

    Fitzpatrick acknowledged in October that Soros’s family fund had some Bitcoin.

    At the same time, Fitzpatrick believes that corporations who primarily hold treasury funds in cryptocurrency are vulnerable in the short run.

    Cryptocurrency values have been under significant pressure in recent months, with Bitcoin losing money for nine weeks in a row.

    What's your reaction?