The chief executive and investment officer of Soros Fund Management, Dawn Fitzpatrick, believes that the crypto industry has already gone mainstream. David Rubenstein interviewed Fitzpatrick, who was aired on Bloomberg on Tuesday. In that interview, the Soros Fund’s CEO talked about the economy of the United States of America alongside the cryptocurrencies. Fitzpatrick also stated that the recession is inevitable, and crypto is likely to stay.
George Soros founded the Soros Management Fund in 1970. It has played a crucial role as an American investment management firm. It is primarily a family office but formerly a hedge fund. Family offices and hedge funds have played a massive part in the crypto industry. Therefore, a large proportion of questions interviewed by Fitzpatrick revolved around crypto. When asked about her view on the crypto industry, she referred to Fidelity’s announcement of hiring Web3 developers and introducing bitcoin investments in 401(k) retirement accounts. Afterward, she stated that crypto has gone mainstream, and it will be like this in the future.
Furthermore, she reiterated the critical role crypto has to play in the future. She said that climate change will become a hot topic in the future and will be much focused on. Consequently, she added that Ethereum would gain more value and popularity over bitcoin. Moreover, she stressed that blockchain technology is a breakthrough and will have tremendous applications in the future.
As far as the topic of recession in the United States of America is concerned, the chief executive was adamant that recession is inevitable. She blamed the net imports and the robust demands of corporates and consumers as the primary reasons behind the recession. She further stated that recession was not a matter of ‘if’ but ‘when.’
Like various other supporters of crypto, Fitzpatrick opined that crypto is the future and it will stay like that. Metaverse, its elements, NFTs, P2E games, and the ongoing development of Web3 are further going to strengthen the crypto industry. She considered robust consumer behavior and large sums of imports to be the main reason for the inevitable recession.