Dawn Fitzpatrick, the C.E.O. and chief investment officer of Soros Fund, is confident that crypto is the future of finance. The C.E.O. disclosed in a recent interview that she revealed that cryptocurrency has gone mainstream and is here to stay.
Crypto is the Future of Finance
In an interview with Bloomberg, the $6.5 billion Soros Fund Manager revealed that crypto has come to stay amid the market correction and a potential global recession. The C.I.O. notes that going into the mainstream of digital assets points to their acceptance and adoption.
Most corporations have already adopted or are planning to adopt payment in cryptocurrency. Additionally, various governments worldwide have recognized crypto as an alternative form of finance owing to their respective industry regulations.
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However, commenting on Ethereum’s ability to overtake Bitcoin, the C.I.O. stated that environmental concerns would play a huge role. Fitzpatrick noted that the climate impact of crypto mining is increasingly becoming a focus and a likely determinant of a token’s adoption.
Furthermore, due to climate issues, Ethereum will gain traction over Bitcoin.
Meanwhile, Fitzpatrick’s comment comes as Ethereum shifts to Proof-of-Stake (PoS) from the Proof-of-Work (PoW) consensus algorithm.
The smart contract blockchain network plans to completely migrate to the PoS protocol due to its energy efficiency and low environmental impact.
Likewise, the PoW consensus algorithm has been the subject of intense argument from environmental activists. Bitcoin has been the biggest user of the protocol and has begun to reconsider its adoption.
Ethereum to Ditch Only PoW
Ropsten, Ethereum’s only PoW testnet, will unveil its PoS Beacon Chain this week. The Blockchain network will merge its consensus platforms on June 8.
The latest development means that Ethereum is now one step closer to its complete move to the PoS consensus algorithm. The “Merge” is the name given to this stage.
Back in 2016, the Ropsten testnet was developed as the best replica of the Ethereum mainnet. Due to its striking semblance to Ethereum’s mainnet, developers can conduct some tests on it before any changes to the Ethereum network are implemented.
The Ropsten testnet is the testing ground for any innovations about to be implemented on the Ethereum network.
Meanwhile, developers expect the “Merge” to occur between September and October later in the year, as per Vitalik Buterin. The Ethereum co-founder believes that the merge will happen sooner rather than later.
Although some developers suggest that it would occur as soon as possible, that is in August this year.
Furthermore, Fitzpatrick noted that the various markets are wrong in structuring their pricing amid a looming recession. According to the C.I.O., the world could not have avoided recession, but it would be worse than people expected.
As per CryptoGlobe’s previous report, Soros Fund had some substantial Bitcoin holdings and predicted the coin would surpass the $50,000 mark.