In an interview with Bloomberg, George Soros fund manager Don Fitzpatrick talked about recent progress in the cryptocurrency sector. In particular, she believes that “digital assets are becoming mainstream,” thanks to the solutions Fidelity provides. Earlier this month, the investment firm suggested that investors add bitcoin to their 401(k) retirement savings plans.
“I’m not sure bitcoin is seen only as a defense against inflation. I think it has bridged the chasm and become mainstream,” she noted.
Fitzpatrick believes that today’s society is increasingly focused on the environment and as a consequence this will determine what digital assets will be accepted in the world.
She said, however, that Ethereum has a better chance of gaining public support than bitcoin, as it is on its way to transitioning from the energy-intensive Proof-Of-Work (PoW) model of mining to Proof-Of-Stake (PoS).
She also noted that blockchain will find new uses in today’s society.
Previously, she reported that Soros Fund Management had begun holding bitcoin. However, the amount of investment remains unknown.
Soros Fund Management is a private investment management company. It was founded in 1970 by George Soros and is currently one of the most profitable companies in the hedge fund industry.