Ethereum Would Gain “More Traction” Compared to Bitcoin

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The CEO of Soros Fund Management, Dawn Fitzpatrick had predicted Ethereum saying it would gain “more traction” in comparison with Bitcoin. Bitcoin adoption relies on the energy-guzzling proof-of-work consensus algorithm, hence Fitzpatrick claims that climate impact also comes into focus. 

She further stresses adding crypto to the mainstream, George Soros’s fortune is also convinced that blockchain is going to have some great applications believing that crypto is here to stay. She further pointed out the fact that mutual fund giant Fidelity has announced recently that its customers would be able to invest a portion of their retirement funds in Bitcoin, a move that could significantly bolster cryptocurrency adoption.

Fitzpatrick last October had confirmed that Soros’s family fund owned some bitcoin. Meanwhile, He also believes that companies that mainly sold their treasury funds in crypto are vulnerable in the near term.

Further, Vitalik Buterin said today that the merge upgrade could take place as early as this August. Later this year, Ethereum is dramatically expected to reduce its power consumption by transitioning to proof-of-stake.

Due to the losses of Bitcoin for nine consecutive weeks, crypto has been under extreme pressure for the last few months. Bitcoin and Ethereum are down by 54% and 60.49% from their recorded peaks, which were hammered by the Federal Reserve’s hawkishness. Fitzpatrick further told Bloomberg that the U.S economy would be able to absorb the Fed’s rate hikes without heading into a recession.

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