Dawn Fitzpatrick, head of the $28 billion family office of George Soros, says that leading altcoin Ethereum is likely to gain traction over Bitcoin due to growing climate concerns.
“Leading altcoin will gain more traction than Bitcoin (BTC)”
In a Bloomberg interview published today, Dawn Fitzpatrick, CEO and chief investment officer of Soros’ $28 billion family office, said that crypto He states that it has already become mainstream and remains here to stay despite the looming risks of a global recession. Dawn Fitzpatrick has this to say on the matter:
Crypto is here to stay. I think it has become mainstream. Fidelity has announced that you can put it in your 401(k). One caveat I would say, first of all, is that climate impact will become more and more of a focus. So, in that context, I think the leading altcoin Ethereum will gain a bit more traction over Bitcoin.
Fitzpatrick’s comments will make the leading smart contract blockchain significantly more environmentally friendly than Ethereum’s energy-intensive Proof-of-Work (PoW) consensus mechanism later this year. It came as I was preparing to migrate to a friendly Proof-of-Stake (PoS) mechanism.
As you follow in the news of Kriptokoin.com, on Monday, Ropsten, the network’s only PoW testnet, launched its own PoS beacon Blockchain, with plans to merge the two test-chains on June 8. Ropsten’s successful incorporation of test-chains will be the final step before the main-net transition to PoS. According to an Ethereum developer, this could happen in August, although Ethereum creator Vitalik Buterin says September or October might be more realistic.
On the other hand, Soros’ Fund only holds Bitcoin
Dawn Fitzpatrick also noted that US consumers are in ‘extraordinary’ well-being and some ‘shock absorbers’ built into the economy ‘, he thinks that markets may be wrong about how they price their recession risks, and explains:
There is a lot of discussion about an impending recession, and as a result, a recession is inevitable. It’s a matter of time. And when you look at which markets are pricing here, they’re pricing pretty soon in the context of 2023 (depending on what asset classes you’re looking at). Actually, I think the markets might be wrong. The reason is that the consumer here is in an extraordinarily good condition.
Dawn Fitzpatrick doesn’t think the world will ever be able to avoid a recession, but instead states that “it will be more than people expect”. Interestingly, although the leading altcoin appears to be more optimistic than Bitcoin, the Soros fund has revealed that to date it only holds Bitcoin and not any other cryptocurrency.
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