Ethereum May Gain Traction Over Bitcoin, Soros' Fund Manager Says

Ethereum May Gain Traction Over Bitcoin, Soros' Fund Manager Says

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The head of George Soros' $28 billion family office, Dawn Fitzpatrick, said that Ethereum is likely to gain momentum over Bitcoin due to growing climate concerns. She is sure that cryptocurrency is not going anywhere and has already become mainstream.

In an interview with Bloomberg, the chief executive and investment officer of Soros’ $28 billion family office, Dawn Fitzpatrick, said that crypto has already become mainstream and will remain here despite the looming risks of a global recession, according to Crypto Briefing. She stressed that with more attention being paid to the impact of cryptocurrencies on the climate, Ethereum is likely to receive more support than Bitcoin over time.

“[Crypto] is here to stay. I think it's gone mainstream. Fidelity just announced you can put it in your 401(k). The one caveat I would say is, first of all, climate impact is going to become increasingly in focus. So, in that context, I think Ethereum is likely to gain some more traction over Bitcoin.”

Ethereum’s eventual dominance is based on the fact that the leading smart contract blockchain is preparing to move from an energy-intensive Proof-of-Work consensus mechanism to a much greener Proof-of-Stake mechanism later this year. On Monday, Proof-of-Work testnet Ropsten launched its own Proof-of-Stake beacon chain with plans to merge the two test chains on June 8. The successful merger of the Ropsten test chains will be the final step in the mainnet transition to Proof-of-Stake. This could happen in September or October, Vitalik Buterin expects.

© 2022, Eva Fox | Tesmanian. All rights reserved.


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About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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