Soros Fund Management’s chief executive and chief investment officer, Dawn Fitzpatrick, says cryptocurrency is here to stay and it’s already gone mainstream. A recession, she believes, is also inevitable
Soros Fund’s CEO: Crypto Is Here to Stay
Dawn Fitzpatrick was the chief executive officer, and chief investor officer, of Soros Fund Management. The interview, which aired Tuesday, on Bloomberg, featured David Rubenstein discussing cryptocurrency and the U.S. Economy. Soros Fund Management, founded by George Soros in 1970 with Jim Rogers as his business partner.
Fitzpatrick was asked her opinion on crypto. Referencing Fidelity’s announcement to allow bitcoin investments in 401(k) retirement accounts, she replied:
It’s here to stay. I think it’s gone mainstream.
The executive added: “The one caveat I would say is … climate impact is going to become increasingly focused so, in that context, I think ethereum is likely to gain some more traction over bitcoin.”
She also noted, “the blockchain technology is going to have some great applications.”
Fitzpatrick: The U.S. Economy and Recession
Chief of Soros Fund Management, Sheryl Soros shared her views on the reports that the U.S. economic growth slowed in the first quarter. “When you look at that GDP number, I think the really important point is the reason it shrank is because of net imports, which were negative, which means we are importing a lot of goods from abroad. And that’s because consumer and corporate demand is robust. So I think there’s a silver lining in the reading of that GDP number,” she explained.
Fitzpatrick responded to the question: “Do you think a recession will be coming?”
There’s a lot of discussion about a looming recession and the bottom line is a recession is inevitable. It’s a matter of when.
Regarding high inflation and the Federal Reserve raising interest rates, the Soros Fund’s executive said: “There is no doubt interest rates are going to go higher and the Fed is going to move very very quickly. That said, interest rates net of inflation are still negative, so monetary policy is still really easy.”
She concluded: “I don’t think we’ll avoid a recession. I just think it will be further out than people expect.”
What do you think about the comments by Soros Fund’s CEO? Comment below.
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