Ethereum is likely to take lead over Bitcoin, according to the CEO of Soros Fund Management, Dawn Fitzpatrick. She noted that the climate condition could become a global concern in the coming years, and might prevent people from adopting Bitcoin, due to its network that utilizes an energy-consuming proof-of-work consensus algorithm.
According to Fitzpatrick, Ethereum will use the proof-of-stake code as it transitions to Ethereum 2.0, which is expected to cut power usage by using a different mining process. The Co-founder Vitalik Buterin stated that the transition might occur as soon as this August. Fitzpatrick’s comments come as the crypto industry is seeing a renewed interest in Ethereum.
Ethereum has been gaining popularity lately as more and more people are beginning to see its potential. The fact that it utilizes the proof-of-stake algorithm instead of the energy-intensive proof-of-work algorithm is one of the main reasons why Fitzpatrick prefers it over Bitcoin.
Additionally, the ability to build decentralized applications on the blockchain is another factor that makes it more appealing, it seems like Fitzpatrick’s prediction may come true and Ether could soon take the lead in the cryptocurrency world.
Ethereum gains popularity
Overall, Fitzpatrick feels that cryptocurrencies will continue to grow in popularity. According to his opinion, crypto is here to stay and has already spread into the mainstream. Blockchain, according to Soros’ wealth manager, has a lot of promise.
She emphasized the fact that Fidelity, a major mutual fund company, just announced that its clients would be permitted to put a portion of their retirement funds in bitcoin, which might considerably boost cryptocurrency use.
Cryptocurrency has been under pressure in the last few days, with the top coin such as Bitcoin, Ethereum, and Ripple all losing value. The market seems to be in a slight correction at the moment, but Fitzpatrick’s comments suggest that the long-term outlook is still positive.