Soros Fund Management CEO Dawn Fitzpatrick said in a recent interview with Bloomberg that Ethereum will gain “more traction” compared to Bitcoin. Fitzpatrick contends that the climate impact will increase more and more. This could hinder the adoption of Bitcoin, which is based on the energy-consuming Proof of Work consensus algorithm.
Ethereum is expected to switch to Proof of Stake later this year, significantly reducing power consumption. As previously reported, co-founder Vitalik Buterin said the update could happen as early as this August.
Fitzpatrick also believes that, in general, cryptocurrencies will persist, adding that they have become mainstream. The manager of billionaire George Soros’ fortune states that blockchain will have great applications.
Last October, Fitzpatrick confirmed that Soros’ family fund owns some Bitcoin. At the same time, Fitzpatrick believes that companies that hold their treasury funds in crypto are vulnerable in the near term.
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