Hedge Fund founded by George Soros, called Soros Fund Management, is reported to be positively supportive of crypto growth despite being in a bear market.
In an interview with Bloomberg, the CEO of Soros Fund Management, Dawn Fitzpatrick, conveyed this support.
Hedge Fund George Soros Supports Crypto
In an interview with Bloomberg CEO or Chief Executive Officer and CIO or Chief Investment Officer of Soros Fund Management, Dawn Fitzpatrick gave an interesting statement regarding crypto.
He stated that crypto is a phenomenon that has survived and will last much longer. He stated,
“I believe crypto has been adopted by most people new to investing, and I believe crypto will survive.”
He completes this statement by emphasizing that even though there is currently a massive global financial crisis, cryptocurrencies will not just disappear in the future.
This statement was made when discussing the rapid growth of cryptocurrencies today. In the discussion, he stated that the adoption of crypto would be even greater mainly due to the adoption of Fidelity, one of the largest financial companies in the world.
It is reported that Fidelity has now opened access for Bitcoin to be part of a 401k or retirement fund investment plan.
In addition, increased adoption is also seen from JP Morgan, one of the largest banks in the world, which chooses Bitcoin over the property.
This statement from Soros Fund Management is considered significant due to the history of the Soros name that has shaken the world.
Its founder, George Soros, was one of the wealthiest men in the world and an individual who famously destroyed the British currency in a day.
In addition, he is rumored to be one of the reasons why currencies in several countries on the Asian continent experienced a collapse around 1990 to 1998.
He is known to have a significant influence in the financial world, so seeing his hedge funds start to enter crypto, many expect a significant impact.
But unfortunately, this statement is not entirely true because currently, the funds managed by the company are only $6.5 billion compared to George Soros’ assets which are at $8 billion.
Compared to the world’s largest hedge fund, Blackrock, which manages around $10 Trillion, the George Soros Hedge Fund is still far off.
The good news is that Blackrock has also started investing in the crypto world, so currently, the crypto market is seeing many big investors getting into it. Soros Fund Management is just an addition to the many large financial companies entering and supporting the crypto world.
Ethereum Predicted to Beat Bitcoin
In addition to expressing his support for the crypto market, Fitzpatrick also stated that the fame in the crypto market would bring Ethereum (ETH) over Bitcoin (BTC).
He refers to the Flippening condition where the market capitalization of Ethereum exceeds Bitcoin, which means the number of funds circulating in Bitcoin is smaller than Ethereum.
The reason behind this possibility is the issue of environmental damage discussed around crypto.
Seeing that Ethereum is more environmentally friendly, Fitzpatrick assumes that ETH will be superior to BTC in the future.
Ethereum is considered more environmentally friendly because it currently has lower transaction costs and energy requirements.
This condition will continue to grow in the future because Ethereum will change its blockchain mechanism from the same Proof of Work as Bitcoin to Proof of Stake, which is more environmentally friendly.
The event will be called The Merge, predicted to occur at the end of 2022 by crypto analysts.
Vitalik Buterin, the founder of Ethereum, also believes there is a possibility that the launch could be delayed until October 2022. But for now, Ethereum developers still believe that the launch of The Merge will take place in August 2022. Currently, the development of these changes is still in the pilot phase, where there are tests. This first try was carried out on Rospten Testnet.
So it can be seen that regarding updates and environmental friendliness, Ethereum is still ahead, which is why Soros Fund Management supports it.
But please note that they still support Bitcoin because the asset is part of their portfolio.
For now, only Soros Fund Management is seen publishing his portfolio; George Soros himself has not stated his transactions related to crypto.
George Soros is a traditional-style investor, so buying crypto is unlikely to make much difference.
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