Bitcoin is Here to Stay, says Wall Street Big Shot
While the market continues to underperform, Dawn Fitzpatrick, chief executive and chief investment officer of the Soros Fund Management, says cryptocurrency is here to stay, emphasizing that it has already gone mainstream.
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In an interview with Bloomberg, Fitzpatrick said that the caveats that the industry faces include the climate impact, referring to mining activity, which is considered to be energy-consuming.
She also said that in this context Ethereum is poised to get more traction than Bitcoin.
When we look at the companies in the blockchain crypto space, for example, a security audit company. 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 that blockchain technology will have great applications, and crypto is here to stay,
she said.
Her statement comes at a time when the crypto market is still struggling to get back on its feet. Bitcoin continues to trade below the $30,000 price tag while ETH is selling for just over $1,7 thousand press time.
Fitzpatrick’s statements are much more optimistic compared to her other Wall Street colleagues, including the legendary investor Warren Buffet.
In May, the CEO of Berkshire Hathaway said,
whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything. It’s got a magic to it and people have attached magic to lots of things.
Fitzpatrick is not the first person to point out that ETH might have a competitive edge over the mother of all crypto. Mark Cuban, the owner of the Dallas Mavericks and investor, has likewise claimed that Ethereum is a better buy as it has a myriad of applications.
Others, however, remain faithful to Bitcoin, including Michael Saylor, CEO of MicroStrategy, who tweeted today
Bitcoin just keeps getting Better.
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