Head of George Soros’ Family Office Predicts Ethereum (ETH) Will Gain Traction Over Bitcoin (BTC): Report
The CEO of an investment management firm founded by George Soros says cryptos have passed the test when it comes to appealing to traditional investors.
In an interview with Bloomberg Wealth, Dawn Fitzpatrick of Soros Fund Management (SFM) tells host David Rubenstein that among the top two crypto assets, she believes Ethereum (ETH) will grab more market share from Bitcoin (BTC) due to environmental concerns.
“It’s here to stay and it’s gone mainstream with Fidelity just announcing 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, and in that context, Ethereum is likely to gain some more traction over Bitcoin.”
Fitzpatrick, who also serves as the firm’s chief investment officer, goes on to say many crypto projects with trillions or even quadrillions of tokens might lead to instability, but overall the blockchain concept seems destined for use-case success.
“When we look at companies in the blockchain and crypto space, they all have massive treasury accounts with a lot of coins in them. And to me, that creates a little bit of near-term vulnerability.
But that said, I think blockchain technology is going to have some great applications.”
Soros Fund Management opened as a hedge fund back in 1970. It currently operates as a family office and as of the first quarter of 2022 held over $6.5 billion in assets.
Back in March of 2021, Fitzpatrick revealed that SFM has invested in cryptocurrencies, also noting that Bitcoin is now seen as an asset to hedge against inflation.
“When it comes to crypto, generally, I think we’re at a really important moment in time in that something like Bitcoin might have stayed a fringe asset but for the fact that over the last 12 months we’ve increased the money supply in the US by 25%, so there’s a real fear of debasing of fiat currencies.”
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