The CEO of Soros Fund Management suggested that after the launch of Ethereum 2.0 update, ether will become more in demand than bitcoin.
In an interview with Bloomberg, Dawn Fitzpatrick called cryptocurrency investing mainstream. The businessman believes that this asset class will continue to grow, especially thanks to the solutions recently offered by management company Fidelity Investments.
In April, Fidelity announced that retirement account holders would be able to invest a portion of their funds in bitcoins. This should broaden the community’s audience and attract not only young people but also the elderly to the first cryptocurrency.
However, Fitzpatrick believes the possible environmental impact of cryptocurrencies will also play an important role in the industry – it will determine which digital assets will become more popular with investors. Fitzpatrick suggested that ether has a good chance of overtaking bitcoin, as it is on its way to transitioning from the energy-intensive Proof-of-Work (PoW) mining model to the more environmentally friendly Proof-of-Stake (PoS). Recently, Etherium co-founder Vitalik Buterin said that the transition to the new PoS consensus mechanism could take place as early as August.
The Soros Fund Management investment director believes that blockchain can find many useful applications, because with the help of such technology it is realistic to safely store data, track information transparently and reduce paperwork.