Dawn Fitzpatrick, the CEO and chief investment officer of the Soros Fund, stated in an interview that she believes cryptocurrencies have already entered the mainstream and are “here to stay.” Ethereum is expected to “gain traction” over Bitcoin, according to Fitzpatrick.
Even in the face of a projected global recession, the CIO of the $6.5 billion family office told Bloomberg that crypto has already gone mainstream and is here to stay. She stated, “[Crypto] is here to stay. I think it’s gone mainstream. Fidelity just announced you can put it in your 401(k).”
She added that the climate impact is “going to become increasingly in focus” which will result in “Ethereum [is] likely to gain some traction over Bitcoin.”
Ropsten, Ethereum’s lone Proof-of-Work testnet, debuted its Proof-of-Stake Beacon chain this week, with a fusion between the two platforms set for June 8. The launch moves Ethereum one step closer to the “Merge,” when it switches to a Proof-of-Stake consensus process.
The Ropsten Testnet was launched in 2016 and is widely regarded as one of the best Ethereum mainnet replicas. Because of its similarities, developers can use it to run realistic testing before making changes to the Ethereum network.
Fitzpatrick also suggested that markets may be mistaken about how they’re pricing in an impending recession, adding that she views US consumers in an “extraordinarily” good position and that the economy has some “shock absorbers built-in” during her interview.